Toast Prices Its IPO at a Nearly $20 Billion Valuation l ION International
Published at : September 30, 2021
Toast Prices Its IPO at a Nearly $20 Billion Valuation l ION International
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Toast Prices Its IPO at a Nearly $20 Billion Valuation
Toast has priced its much anticipated initial public offering at $40 a share, well above its $34 to $36 price range, a person familiar with the situation said.
The Boston fintech had initially filed to sell 21,739,131 shares at $30 to $33 each, which it increased to $34 to $36 each on Monday. Toast will trade Wednesday on the New York Stock Exchange under the ticker TOST.
With nearly 500 million shares outstanding, Toast’s valuation is nearly $20 billion. Goldman Sachs, Morgan Stanley, and J.P. Morgan are the lead underwriters on the deal.
Launched in 2013, Toast provides point-of-sale software that helps restaurants and bars process payments and streamline orders. About 48,000 restaurant locations used Toast’s software to process more than $38 billion of gross payment volume during the last 12 months, a prospectus said. Customers include Flour Bakery & Cafe, Trapper’s Sushi Co., and Harpoon Brewery. The company employs more than 2,200 “Toasters,” a prospectus said.
Freshworks’ IPO also came in above expectations. The San Mateo, Calif., company priced its IPO at $36 a share, which is above its $32 to $34 price range, another person familiar with the situation said.
Freshworks had initially sought to offer 28.5 million shares at $28 to $32 each, which increased to $32 to $34 a share on Monday. It will trade Wednesday on Nasdaq under the ticker FRSH.
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Toast Prices Its IPO at a Nearly $20 Billion Valuation
Toast has priced its much anticipated initial public offering at $40 a share, well above its $34 to $36 price range, a person familiar with the situation said.
The Boston fintech had initially filed to sell 21,739,131 shares at $30 to $33 each, which it increased to $34 to $36 each on Monday. Toast will trade Wednesday on the New York Stock Exchange under the ticker TOST.
With nearly 500 million shares outstanding, Toast’s valuation is nearly $20 billion. Goldman Sachs, Morgan Stanley, and J.P. Morgan are the lead underwriters on the deal.
Launched in 2013, Toast provides point-of-sale software that helps restaurants and bars process payments and streamline orders. About 48,000 restaurant locations used Toast’s software to process more than $38 billion of gross payment volume during the last 12 months, a prospectus said. Customers include Flour Bakery & Cafe, Trapper’s Sushi Co., and Harpoon Brewery. The company employs more than 2,200 “Toasters,” a prospectus said.
Freshworks’ IPO also came in above expectations. The San Mateo, Calif., company priced its IPO at $36 a share, which is above its $32 to $34 price range, another person familiar with the situation said.
Freshworks had initially sought to offer 28.5 million shares at $28 to $32 each, which increased to $32 to $34 a share on Monday. It will trade Wednesday on Nasdaq under the ticker FRSH.
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