Toast (TOST) IPO Prices Above-Range at $40, Pushing Valuation to ~$20 Billion

Restaurant software provider Toast (NYSE: TOST) priced its IPO of 21,739,131 shares of Class A common at $40.00 per share, which was above the expected $34-$36 per share range. The IPO will open today on the NYSE under the ticker 'TOST'.

The pricing pushes the valuation to nearly $20 billion.

Goldman Sachs & Co. LLC, Morgan Stanley, and J.P. Morgan are acting as lead book-running managers for the proposed offering. KeyBanc Capital Markets, William Blair, and Piper Sandler are acting as book-running managers for the proposed offering. Canaccord Genuity, Needham & Company, and R. Seelaus & Co., LLC are acting as co-managers for the proposed offering.

Backers include TPG, Tiger Global Management, Counterpart Advisors, and American Express Ventures.

Toast generated revenue of $704 million in the six months to end-June and incurred a net loss of $235 million. The company serves nearly 48,000 restaurant locations as of the end-Q2, increasing from 33,129 and 19,891 locations as of June 30, 2020 and 2019, respectively.

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