Boston-based restaurant software company Toast is hoping for a valuation of more than $18bn in its initial public offering (IPO) next week.

Toast intends to sell Class A common stock shares in the IPO for a price ranging between $30 and $33 per share.

In a new S-1/A filing on 13 September, it registered 25 million Class A common stock shares, including 3.2 million shares that may be bought by the underwriters pursuant to their option to buy further shares.

With this, the proposed maximum aggregate offering price is $825m.

According to an S-1 filing submitted to the US Securities and Exchange Commission on 27 August, the firm had sought an IPO of up to $100m.

In February last year, Toast raised $400m in a Series F funding round, taking the company’s valuation at that point to $4.9bn.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

This round was led by Bessemer Venture Partners, TPG, Greenoaks Capital and Tiger Global Management.

Durable Capital Partners, TCV, G Squared, Light Street Capital, Alta Park Capital, as well as funds and accounts advised by T Rowe Price Associates, also participated in the round.

Established in 2013, Toast offers a technology platform to restaurants that combines restaurant point of sale, front of house, back of house and guest-facing technology with diverse third-party applications.

During the early days of the Covid-19 pandemic, the restaurant technology company is reported to have downsized its workforce by half and focused on delivery networks and contactless payments.

Last December, another online food ordering and delivery platform, DoorDash, raised nearly $3.4bn through its IPO.

The SoftBank-backed company was initially planning to raise up to $2.8bn through the IPO at a price range of $75 to $85 per share.

However, DoorDash raised its price range to between $90 and $95 after receiving a promising response from public investors.