Restaurant-Software Provider Toast Prepares for IPO
By Cara Lombardo and Maureen Farrell
Toast Inc. is planning an initial public offering that could
value the restaurant-software provider at around $20 billion,
people familiar with the matter said.
Toast tapped Goldman Sachs Group Inc. and JPMorgan Chase &
Co. to underwrite a possible listing later this year, these people
said. It could also consider other options including a sale or
combination with a blank-check company, some of the people said.
There are no guarantees Toast will ultimately go public or pursue
another of the options.
In going public, Toast, a 10-year-old company whose valuation
has leapt several fold in the past year, would join a red-hot IPO
market fueled lately by the high-profile debuts of companies
including Affirm Holdings Inc. and Bumble Inc. Shares of both are
trading far above their IPO prices, as are those of 2020
predecessors including Airbnb Inc. and DoorDash Inc.
Also powering the record IPO market is a wave of so-called
special-purpose acquisition companies, which go public without a
business and then hunt for one to merge with.
Founded in 2011 by Aman Narang, Jon Grimm and Steve Fredette,
Toast provides payment-processing hardware and cloud-based software
for restaurants. Aside from core 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.
Write to Cara Lombardo at email@example.com and Maureen
Farrell at firstname.lastname@example.org
(END) Dow Jones Newswires
February 21, 2021 15:38 ET (20:38 GMT)
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