Toast (TOST) IPO Opens Up 63%, Pushing Valuation to Nearly $33B
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(Updated - September 22, 2021 11:45 AM EDT)
Today's IPO for Toast (NYSE: TOST) opened at $65.26 after pricing 21,739,131 shares of Class A common at $40.00 per share, which was above the expected $34-$36 per share range.
The IPO open pushes the valuation to ~$32.6 billion.
Goldman Sachs & Co. LLC, Morgan Stanley, and J.P. Morgan are acting as lead book-running managers for the proposed offering. KeyBanc Capital Markets, William Blair, and Piper Sandler are acting as book-running managers for the proposed offering. Canaccord Genuity, Needham & Company, and R. Seelaus & Co., LLC are acting as co-managers for the proposed offering.
Backers include TPG, Tiger Global Management, Counterpart Advisors, and American Express Ventures.
Toast generated revenue of $704 million in the six months to end-June and incurred a net loss of $235 million. The company serves nearly 48,000 restaurant locations as of the end-Q2, increasing from 33,129 and 19,891 locations as of June 30, 2020 and 2019, respectively.
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Create E-mail Alert Related CategoriesHot IPOs, IPOs, Momentum Movers, Trader Talk
Related EntitiesWilliam Blair, JPMorgan, Goldman Sachs, KeyBanc, Morgan Stanley, Needham & Company, Tiger Global Management, Canaccord Genuity, IPO
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