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Toast Inc. is planning an initial public offering that could value the catering software vendor at around $ 20 billion, people familiar with the matter said.
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| HYPHEN | DOORDASH INC. | 205.97 | +5.91 | + 2.95% |
Toast has brought in Goldman Sachs Group Inc. and JPMorgan Chase & Co. to take out a possible listing later this year, the people said. He could also consider other options, including a sale or a combination with a blank check company, some people said. There is no guarantee that Toast will eventually go public or pursue any of the other options.
Going public, Toast, a 10-year-old company whose valuation has surged several times over the past year, would join a fiery IPO market, fueled in recent times by the high-profile debuts of companies like Affirm. Holdings Inc. and Bumble Inc. The shares of both are trading well above their IPO prices, as are those of 2020 predecessors including Airbnb Inc. and DoorDash Inc.GET FOX BUSINESS ON THE ROAD BY CLICKING HERE
The record-breaking IPO market is also being fueled by a wave of so-called special-purpose acquisition companies, going public without a company and looking for one to merge with. Founded in 2011 by Aman Narang, Jon Grimm, and Steve Fredette, Toast provides cloud-based payment processing hardware and software for restaurants. In addition to major point-of-sale offerings, its products include payroll processing and email marketing, and it also lends to restaurants through Toast Capital. Competitors include Square Inc. and PayPal Holdings Inc.
Toast Inc. is planning an initial public offering that could value the catering software vendor at around $ 20 billion. (Associated press)
Toast’s business was initially hit hard by the pandemic and associated lockdowns. In a blog post in April, Toast chief executive Chris Comparato said he plans to cut staff by around 50%, citing a drop in income of more than 80% in March in most cities. . By mid-year, however, Toast’s business began to rebound, with new demand for its software as restaurants shifted to take-out services and other offerings despite lockdown restrictions.
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The Boston-based company was valued at around $ 4.9 billion in a $ 400 million fundraiser about a year ago that included Bessemer Venture Partners, TPG, Greenoaks Capital and Tiger Global Management LLC.
Last week, the company added Susan Chapman-Hughes, an executive of American Express Co., to its board of directors.
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