Restaurant Payments Firm Toast Raises IPO Range
(Bloomberg) -- Toast Inc., which helps restaurants handle payments, raised the price range for its pending initial public offering.
The deal could value Toast at as much as $18 billion based on the number of outstanding shares listed in the prospectus.
The company has said its software allows for diners to order online, in-person or over their phones. Restaurants can also use the guest data it captures to craft loyalty and marketing programs.
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. Toast plans to list on the New York Stock Exchange under the symbol TOST.
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