Boston-based point-of-sale company Toast Inc., which focuses on restaurant technology, is considering Bloomberg, according to a Monday (13) report. The ten-year-old company plans to sell 21.7 million Class A shares for $ 30 to $ 33 each.
Monday’s announcement follows last month’s PYMNTS report that Toast is filing an estimated $ 100 million initial public offering with an approximate valuation of $ 20 billion.
See also: ResTech Startup Toast Files for $ 100M IPO at $ 20B valuation
In the wake of the pandemic, the toast platform has caught on, especially as restaurants have made take-out and delivery easier. The company’s software, according to its website, combines POS, front-of-house, back-of-house and contactless ordering options for customers.
At the end of June, the company had around 48,000 restaurants and bars and a total of 29,000 customers. In the past 12 months, Toast has processed more than $ 38 billion in gross payments. The platform has been an integral part of handling an estimated 5.5 million guest orders on a daily basis. The company has a 6% market share of the 860,000 US restaurants, which is a significant area of growth. There are 22 million restaurants worldwide with annual sales of $ 2.6 trillion.
Read more: Toast’s IPO filings say ResTech industry spending will double
Toast saw a 17% year-over-year increase in 2021, PYMNTS reported. However, the second quarter of 2021 meant a 125% increase in gross payment volume to $ 10.4 billion compared to the same period in 2020. Total revenue increased from $ 665 million in 2019 to $ 823.1 million in 2020.
While the company is thriving, the hospitality industry is still struggling to recover from the pandemic. This spring, Toast partnered with the Small Business Administration (SBA) to streamline the application process for the $ 28.6 billion in grants from the Restaurant Revitalization Fund.
Additional Details: Toast partners with SBA to streamline restaurant grant process worth $ 28.6 billion
NEW PYMNTS DATA: TODAY’S SELF-SERVICE TRIP – SEPTEMBER 2021
Above: Eighty percent of consumers are interested in non-traditional checkout options like self-service, but only 35 percent have been able to use them for their recent purchases. Today’s Self-Service Shopping Journey, a collaboration between PYMNTS and Toshiba, analyzed over 2,500 responses to learn how merchants can address availability and perception issues to meet demand for self-service kiosks.