Toast’s IPO comes after a roller-coaster stretch in the pandemic during which revenue initially sank by 80% as restaurants closed and cities across the country shut down. But like other hospitality industry-focused tech companies, the rebound was much swifter than expected - restaurants stayed open and shifted their business to takeout, delivery and mobile ordering, playing right into Toast’s sweet spot.
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Toast sells shares in IPO at $40, topping range and valuing restaurant-tech company at $20b
Toast had expected to sell shares at $34 to $36 a piece, after raising the range from $30 to $33. The company will trade on the New York Stock Exchange under ticker symbol “TOST.”
