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Toast Inc. plans an initial public offering that the restaurant software provider could value at about $ 20 billion, people familiar with the matter said.
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Toast Goldman Sachs Group Inc. and JPMorgan Chase & Co. encouraged to endorse a possible listing later this year. Some of the people may also consider other options, including a sale or combination with a blank check company. There are no guarantees that Toast will eventually become known or follow another option.
Toast, a 10-year-old company whose valuation has jumped several times over the past year, will publicly enter a red-hot IPO market fueled by the recent debuts of companies, including Affirm Holdings Inc. and Bumble Inc. Shares of both are trading well above their IPO prices, just like those of 2020’s predecessors, including Airbnb Inc. and DoorDash Inc.GET FOX BUSINESS ON THE GO by clicking here
A wave of so-called specialty procurement companies pushing for the IPO market record is also being published without a company and then looking for one to merge with. Founded in 2011 by Aman Narang, Jon Grimm and Steve Fredette, Toast provides payment processing equipment and cloud-based software for restaurants. Apart from the core sales points, the products include payroll processing and email marketing, and these are also provided to restaurants by Toast Capital. Competitors include Square Inc. and PayPal Holdings Inc.
Toast Inc. plans an initial public offering that the restaurant software provider could value at about $ 20 billion. (Associated Press)
Toast’s business was initially hit hard by the pandemic and the accompanying closures. Chris Comparato, CEO of Toast, said in an April blog post that he plans to reduce staff by about 50%, citing a drop of more than 80% in turnover in March in most cities. By the middle of the year, however, Toast’s business began to recover, with a new demand for software as restaurants switched to take-out services and other offerings amid closure period restrictions.
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The Boston company was valued at about $ 4.9 billion about a year ago in a $ 400 million fundraising round, which includes Bessemer Venture Partners, TPG, Greenoaks Capital and Tiger Global Management LLC.
The company added Susan Chapman-Hughes, CEO of American Express, to its board last week.