Tha Toast Inc. designing an initial public offering that could bring the restaurant software provider worth at around $ 20 billion, people familiar with the matter said.
Tap Toast Goldman Sachs Group Inc. and JPMorgan Chase & Co. to make subscription possible later this year, those people said. It could also consider other options including selling or mixing with a blank check company, some people said. There are no guarantees that Toast will go public or pursue an alternative.
Going public, Toast, a 10-year-old company whose valuation has jumped several times in the past year, would join a red-hot IPO market recently fueled by high-profile debates of companies including Affirm Holdings Inc. and Bumble Inc. Shares of both trade far above their IPO prices, as previous 2020s include Airbnb Inc. and DoorDash Inc.
Also powering the top IPO market is a wave of purpose-built construction companies, which go public without business and then hunt for one to join it.
Founded in 2011 by Aman Narang, Jon Grimm and Steve Fredette, Toast provides payment processing hardware and cloud-based software for restaurants. In addition to its main point-of-sale offerings, its products include payment processing and email marketing, and it also lends to restaurants through Toast Capital. Competitors include Square Inc. and PayPal Holdings Inc.