(Bloomberg) — 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 raised money last year at a valuation of $4.9 billion from investors including Bessemer Venture Partners, TPG, Tiger Global Management and Greenoaks Capital.
Toast plans to list on the New York Stock Exchange under the symbol TOST. Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. are leading the offering.
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