Toast, which provides mobile and digital payment processing and other services for restaurants, filed on Friday with the SEC to raise up to $100 million in an initial public offering. This is likely a placeholder for a deal we believe could raise up to $1 billion.
Toast is a cloud-based, end-to-end technology solution for restaurants providing a suite of SaaS products and financial technology solutions including integrated payment processing, restaurant-grade hardware, and an ecosystem of third-party partners. The company served over 48,000 restaurant locations across roughly 29,000 customers, and processed over $38 billion of gross payment volume for the 12 months ended June 30, 2021.
The Boston, MA-based company was founded in 2011 and booked $1.2 billion in sales for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol TOST. Goldman Sachs, Morgan Stanley, J.P. Morgan, KeyBanc Capital Markets, William Blair, and Piper Sandler are the joint bookrunners on the deal. No pricing terms were disclosed.
