Restaurant software provider Toast targets $18bn IPO

Restaurant software provider Toast is aiming for a $18 billion valuation in its upcoming initial public offering (IPO).

The Boston, Massachusetts-based company provides a restaurant management and point of sale (POS) platform built on the Android operating system.

Toast’s platform helps firms manage online orders, integrate payments, and manage their delivery networks.

Founded in 2011, the company currently employs around 2,000 workers, and claims to have partnered with nearly 48,000 restaurant locations and to have processed over $38 billion in gross payment volume over the year ending June 30.

Toast said it is aiming to sell almost 21.7 million shares priced at between $34 and $36, after initially announcing it planned to price the shares at between $30 and $33 each in September.

The listing is set to raise $782.6 million at the top end of the pricing.
The news comes after Toast raised $400 million at a $4.9 billion valuation in February 2020 as part of a Series F funding round, which involved Bessemer Venture Partners, TPG, Greenoaks Capital, and Tiger Global Management.

Goldman Sachs, Morgan Stanley, and JP Morgan are set to act as underwriters for the offering, which will see Toast list on the New York Stock Exchange (NYSE) under the symbol "TOST."

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