Toast, which provides mobile and digital payment processing and other services for restaurants, announced terms for its IPO on Monday.
The Boston, MA-based company plans to raise $685 million by offering 21.7 million shares at a price range of $30 to $33. The IPO float is just 4.4% of the basic shares outstanding. At the midpoint of the proposed range, Toast would command a fully diluted market value of $17.9 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.
Toast was founded in 2011 and booked $1.2 billion in revenue 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. It is expected to price during the week of September 20, 2021.
