According to a regulatory filing on Monday by Toast Inc, the startup that sells software to help restaurants with both online and in-store orders is aiming for a valuation of more than $16 billion in its initial public offering (IPO).
Toast, based in Boston, plans to sell 21.7 million shares in the IPO, with prices ranging from $30.00 to $33.00 per share. The IPO will raise $717.4 million at the top end of that range.
The ten-year-old firm offers a software platform that enables restaurants to manage online ordering, run an on-demand delivery network, and integrate payment.
Its IPO plans coincide with a pandemic-fueled surge in demand for meal delivery services, which has helped the businesses of DoorDash Inc, Uber Eats, and Grubhub.
Freshworks, Thoughtworks, and ForgeRock are among the other high-profile start-ups set to go public this fall in one of the hottest years for IPOs.
After being forced to cut its employment in half due to the pandemic in the early days of the crisis, Toast has turned its focus to goods such as delivery networks and contactless payment.
TPG, Tiger Global Management, American Express Ventures, Bessemer Venture Partners, G Squared, TCV, and Greenoaks were among the investors in the company’s $5 billion private round in February.
It will trade under the symbol “TOST” on the New York Stock Exchange.
The offering’s primary underwriters are Goldman Sachs & Co. LLC, Morgan Stanley, and J.P. Morgan.
