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Restaurant-Software Provider Toast Contemplates $20B IPO: WSJ

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  • 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.
 

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Posted-In: Wall Street JournalNews Restaurants IPOs Tech Media General

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