ServiceTitan, a provider of cloud software for contractors, priced its initial public offering at $71 per share on Wednesday, above its expected range.

The company is expected to debut on the Nasdaq on Thursday under the ticker symbol “TTAN.” ServiceTitan previously raised its price range to $65 to $67.

ServiceTitan sold 8.8 million shares as part of the offering, which would amount to a capital increase of nearly $625 million. At the IPO price, ServiceTitan is worth about $6.3 billion.

Technology IPOs have become rare since late 2021, as inflation and rising interest rates pushed investors out of riskier assets. Cloud software stocks quickly fell out of favor after remote work accelerated their growth during the pandemic.

In March this year social network Reddit went public, followed by a data management company category the following month. In September, less than two weeks after the Federal Reserve cut interest rates for the first time since 2020, chipmaker Cerebras filed for an initial public offering. However, the company has yet to enter the market.

Glendale, Calif.-based ServiceTitan filed to go public on Nov. 18. The company said a portion of the proceeds would go toward redeeming all outstanding shares of its non-convertible preferred stock. The company had issued these shares in 2022 to repay loans to finance its $577 million acquisition of pest control software provider FieldRoutes.

According to an analysis by venture capital firm Meritech Capital, ServiceTitan agreed to a “compound rate” when raising money in 2022, designed to encourage the company to go public quickly and prevent unnecessary dilution.

Bessemer Venture Partners, TPG and Iconiq are among the company’s main shareholders, alongside founders Vahe Kuzoyan and Ara Mahdessian.

According to the Los Angeles Times, Mahdessian’s father owned a construction business and Kuzoyan’s father worked in plumbing. The founders said in a pre-recorded IPO roadshow that they viewed technology as a way to modernize their family businesses. Their software can help with marketing, sales, scheduling, and customer service.

ServiceTitan’s preliminary results for the October quarter show a net loss of about $47 million on revenue of $198.5 million. That suggests revenue growth of about 24% year-over-year, the highest rate since mid-2023. But the company’s net loss widened from about $40 million in the October quarter last year.

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