Restaurant tech firm Toast valued at over $32B in market debut

Shares of Toast Inc jumped more than 63 percent in their New York Stock Exchange debut on Wednesday, valuing the restaurant software provider at nearly $32.6 billion.

The stock opened at $65.26, compared with its initial public offering price of $40 per share.

The Boston-based company, which makes software to help restaurants with online and in-store orders, sold 21.7 million shares in its IPO, raising about $869.6 million. Its IPO was priced above an earlier targeted price range of $34 to $36 per share.

Toast’s listing comes at a time when demand for online food delivery has skyrocketed due to COVID-19 lockdowns, with homebound customers ordering more through DoorDash, Uber Eats, Grubhub and other services.

The 10-year old company builds software that helps restaurants manage online orders, operate an on-demand delivery network and integrate payments.

Orange banners display the Toast logo and tag line on the exterior of the New York Stock Exchange
Toast makes software to help restaurants with online and in-store orders.
Richard B. Levine/Levine Roberts via ZUMA Press

Goldman Sachs, Morgan Stanley and J.P. Morgan were the lead underwriters for Toast’s IPO.