ServiceTitan (TTAN) surged over 42% in its IPO debut on the Nasdaq on Thursday, gaining from its original stock price of $71 to $101 per share. The company raised nearly $625 million in its initial public offering. Rainmaker Securities managing director Greg Martin joins Asking for a Trend to discuss what it signals for the broader IPO market.

"This is a stellar opening for ServiceTitan," Martin says, though he cautions it's an "excellent company but not a stellar company." He notes that the IPO demonstrates the market is "starved" for new issues and serves as a "benchmark for hopefully a good run for IPOs" moving forward into 2025.

Regarding the upcoming year, Martin highlights the potential of a pro-growth administration and a steady interest rate environment as favorable conditions for the IPO market.

"We have a pipeline of really quality private companies that have been sitting around waiting," he tells Yahoo Finance. "I think the market is going to see an inflow of really high-quality, growing companies that they haven't been seeing in the market for a while. I think that all bodes well for a good IPO market in 2025."

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This post was written by Angel Smith