Restaurant-Software Provider Toast Contemplates $20B IPO: WSJ - PayPal Holdings (NASDAQ:PYPL), SPDR S&P 500 (ARCA:SPY)

Restaurant-software provider Toast Inc is contemplating an initial public offering (IPO) valued at $20 billion later this year as the restaurant business recovers post the pandemic induced lockdown, the Wall Street Journal reports.
Toast offers payment-processing hardware and cloud-based software for restaurants. It includes core point-of-sale offerings, payroll processing, email marketing, and extends restaurant borrowings via Toast Capital.
Toast has selected Goldman Sachs and JPMorgan Chase as underwriters for the IPO later this year. However, Toast could also opt for a sale or go public via a special-purpose acquisition companies (SPAC). There is no certainty regarding going public.
The company elected American Express Co. executive Susan Chapman-Hughes to its board last week.
The company was valued at $4.9 billion in a $400 million fundraising round a year ago, including Bessemer Venture Partners, TPG, Greenoaks Capital, and Tiger Global Management LLC.
It had to cut down its staff by 50%, following a revenue decline of over 80% for most of its cities in March 2020.