This Restaurant Software Provider Targets Over $16B Valuation In US IPO

Toast Inc TOST aims for a valuation of over $16 billion in its U.S. initial public offering (IPO), based on the expected 499.3 million shares of Class A common stock and Class B common stock outstanding after this offering.
The technology platform purpose-built for the restaurant community proposes selling 21.74 million Class A shares priced at an estimated $30 - $33 per share to raise a maximum of $717.4 million.
The IPO coincides with a pandemic-driven boom in demand for food delivery services that have supported businesses of DoorDash Inc DASH and rivals Uber Eats UBER and GrubHub Inc GRUB, Reuters reports.
Toast has diversified its focus to delivery networks and contactless payment after the pandemic forced it to slash its workforce by half in early 2020.
The startup valued at $5 billion in a February private round will list its stock on the New York Stock Exchange under the symbol "TOST."
Price Action: DASH shares traded lower by 0.06% at $210.24 on the last check Monday.