Toast, which provides mobile and digital payment processing and other services for restaurants, raised $870 million by offering 21.7 million shares at $40, above the upwardly revised range of $34 to $36. The company originally planned to offer its shares at $30 to $33, before raising the range on Monday.
Toast is a cloud-based, end-to-end technology solution for restaurants providing a suite of SaaS products and financial technology solutions including integrated payment processing, restaurant-grade hardware, and an ecosystem of third-party partners. The company served over 48,000 restaurant locations across roughly 29,000 customers, and processed over $38 billion of gross payment volume for the 12 months ended June 30, 2021.
Toast plans to list on the NYSE under the symbol TOST. Goldman Sachs, Morgan Stanley, J.P. Morgan, KeyBanc Capital Markets, William Blair, and Piper Sandler acted as joint bookrunners on the deal.
