Toast Inc., which helps restaurants handle payments, is seeking as much as $717 million in a U.S. initial public offering.
The Boston-based company plans to sell 21.7 million Class A shares at $30 to $33 apiece, it said in a regulatory filing Monday. The deal could value Toast at as much as $16.5 billion based on the number of outstanding shares listed in the prospectus.
Toast’s share sale will add to the $104 billion already raised by tech company IPOs this year, according to data compiled by Bloomberg. The offering comes as the restaurant industry rebounds from a pandemic that was disastrous for in-person dining, but was a boon for takeout and delivery services.
The company said its software is easy for restaurant workers to use and lets diners order online, in-person or over their phones. Restaurants can also use the guest data it captures to craft loyalty and marketing programs.
Toast’s revenue rose 105% year over year during the six months ending June 30, to $704 million. Its net loss widened to $235 million, from $125 million a year earlier.
Incorporated in 2011, the company’s platform was used by about 48,000 restaurants as of June 30 and had processed more than $38 billion in gross payments over the previous 12 months. In June, it averaged over 5.5 million guest orders per day.
The company
