The GV-backed restaurant organisation platform developer has issued $130m in additional shares to close its IPO and has a market capitalisation above $28bn.
Toast, the US-based restaurant management software provider backed by internet and technology conglomerate Alphabet, closed its initial public offering at $1bn on Friday.
The company had priced a little over 21.7 million shares at $40.00 each last week. Its shares closed at $59.00 on Thursday and $55.81 on Friday, giving it a market capitalisation of just over $28bn.
Lead book-running managers Goldman Sachs, Morgan Stanley and JP Morgan, book-running managers KeyBanc Capital Markets, William Blair and Piper Sandler and co-managers Canaccord Genuity, Needham & Company and R Seelaus bought another 3.26 million shares to close the offering.
Founded in 2011, Toast has built a software platform which integrates point-of-sale and business management tools to enable restaurants to operate their retail, takeout and online delivery from a single place. It made a $248m net loss in 2020 from $823m in revenue.
TPG, G Squared, Durable Capital Partners, Alta Park…
