Toast will trade on the New York Stock Exchange (NYSE) under ticker symbol TOST and had anticipated selling about 21.7 million shares at a boosted $34 to $36 price, up from the original range $30 to $33. The Boston startup should raise roughly $868 million.
See also: Toast Aims for $18B Valuation in IPO
The restaurant POS vendor closed out the second quarter of 2021 with a 125 percent increase in gross payment volume to $10.4 billion compared to 2020. As of June 30, Toast was working with more than 48,000 restaurant locations around the world, processing in excess of $38 billion of gross payment volume in the previous 12 months.
In August, Toast’s public offering was estimated at $100 million with an approximate valuation of $20 billion. In its filing with the Securities and Exchange Commission (SEC), Toast said its primary goal as a company has always been to develop a mobile app to streamline restaurant payments.
In the filing, Toast said it is “in the early stages of capturing our addressable market opportunity.”
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There are about 22 million restaurant locations worldwide bringing in an estimated $2.6 trillion in sales so far this year, PYMNTS reported. Toast said it has about 6 percent of the U.S. market share of 860,000 locations in the U.S.
See: Toast’s IPO Filings Say ResTech Industry Spending Will Double
Toast offers a full suite of tools to make the business of running a restaurant easier, from handheld and contactless POS systems to management, staffing, menus, and other solutions.
The startup was co-founded by Steve Fredette, who serves as director; Aman Narang, chief operating officer; and Jonathan Grimm, chief technology officer.
You may also enjoy: Toast Raises $400M In Series F Fundraise
Total funds raised by Toast were more than $900 million, with the most recent round being last February’s $400 million Series F led by Bessemer Venture Partners, Greenoaks Capital, Tiger Global Management and TPG.
