Form 4: TPG GP A, LLC and Related Parties Report Conversion of Preferred Stock to Common Stock in ServiceTitan, Inc.

TPG GP A, LLC and related parties reported the conversion of preferred stock into 5,107,469 shares of Class A Common Stock of ServiceTitan, Inc. following its IPO.

Summary

• TPG GP A, LLC, along with James G. Coulter and Jon Winkelried, filed a Form 4 detailing changes in beneficial ownership of ServiceTitan, Inc. securities.
• The filing reports the conversion of 600,000 shares of Series A-1 Preferred Stock and 3,559,131 shares of Series H Preferred Stock into 5,107,469 shares of Class A Common Stock.
• This conversion occurred automatically upon the consummation of ServiceTitan's initial public offering on December 13, 2024.
• The preferred stock was held by TPG Tech Adjacencies II Sherpa, L.P., an entity indirectly controlled by TPG GP A, LLC and the other reporting persons.
• The reporting persons disclaim beneficial ownership of the securities except to the extent of their pecuniary interest.

Sentiment

Score: 7

Explanation: The document reflects a standard post-IPO transaction, indicating a positive but expected event. The conversion of preferred stock to common stock is a normal part of the IPO process.

Industry Context

This filing is a standard procedure following an IPO, where preferred stock held by investors is often converted into common stock. This is a common event in the tech industry when companies go public.

Comparison to Industry Standards

• The conversion of preferred stock to common stock upon an IPO is a standard practice in the venture capital and private equity industry.
• Similar conversions are seen in other tech IPOs, such as those of Snowflake, Airbnb, and Palantir, where early investors' preferred shares converted to common stock at the time of the IPO.

Stakeholder Impact

• The conversion of preferred stock to common stock increases the number of outstanding common shares, which may have a minor dilutive effect on existing shareholders.
• The conversion is a positive event for the holders of the preferred stock, as it allows them to participate in the public market.

Key Dates

Keywords

ServiceTitan, TPG GP A, LLC, Form 4, Beneficial Ownership, Preferred Stock Conversion, Class A Common Stock, IPO, James G. Coulter, Jon Winkelried