FINANCE

Toast price IPO $ 40, above the expected range


Toast point of sale system

Toast

Restaurant-technology retailer Toast on Tuesday shared the price of its IPO at 40 40, according to a person familiar with the matter who asked not to be named because the announcement is not yet public. The offer was above expectations and the company was valued at about 20 20 billion.

Toast expected to sell রা 34 to $ 36 pieces of shares after raising the range from $ 30 to $ 33. The company will trade on the New York Stock Exchange under the ticker symbol “Toast”.

Toast’s IPO comes after a roller-coaster expansion into the epidemic, during which revenue was initially reduced by 80% as restaurants closed and cities across the country closed. By mid-2020, the company had cut its staff in half and taken desperate steps to stay afloat.

But like other hospitality industry-centric technology companies like Airbnb and TripAction, the return was much faster than the return. The restaurants remained open and shifted their business towards transfer, delivery and mobile ordering, playing in the sweet place of toast.

Toast initially gave its customers a one-month credit for software fees and provided free access to its technology that enabled takeouts, online orders and gift card purchases.

In the third quarter of 2020, revenue was growing again from the previous year. By November the company was experiencing an upswing that it had arranged a secondary share sale so that current and former employees could sell up to 25% of their vested shares at a price of 8 8 billion.

Prior to the Kovid-1 pandemic epidemic, toast restaurants were enriched by sales technology that helped them integrate their payment systems with things like inventory management and multi-site control for meals with multiple sites. Investors estimate the company’s value at ৫ 5 billion in February 2020.

Toast now says it will be serving more than 48,000 restaurants by the end of June, up from 27,000 in 2019. Annual recurring revenue rose 118% to $ 494 million in the second quarter from a year earlier. The lion’s share of Toast’s revenue comes from what the company calls financial technology solutions, primarily with fees paid to customers for payment transactions. Less than 10% comes from subscriptions.



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