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August 27, 2021Blog Posts

Restaurant Payment Software Provider Toast Files for IPO

TheStreet

Toast, a restaurant payment software provider, has filed with the Securities and Exchange Commission for an initial public offering.

In its S-1 prospectus filed Friday with the SEC, Toast proposed an offering of $100 million, but that’s just a placeholder amount until it decides for sure. In February, The Wall Street Journal reported Toast was planning an IPO that could value it at $20 billion.

“Our restaurant-specific platform is fully integrated across point of sale, operations, digital ordering and delivery, marketing and loyalty, team management, financial technology solutions, and platform services to provide restaurant operators everything they need to run their businesses successfully,” Toast said.

“In short, we’re democratizing technology so that restaurants of all sizes can compete on an even playing field.”

Toast said its revenue doubled in the six months ended June 30, to $704 million. Its net loss expanded to $235 million during that half-year period, from $125 million last year.

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