Toast Inc filed for an initial public offering on August 27, seeking to raise $100 million.
The IPO for the Boston-based POS software tech company comes as consumer preference towards omnichannel dining options has further accelerated during the COVID-19 pandemic.
The company has been adding functionality. Earlier this year, Toast launched an enhanced suite of contactless and guest-facing solutions to help restaurateurs reimagine operations and reduce overhead. In June, Toast acquired xtraCHEF, a suite of back office tools for restaurants, including accounts payable automation and inventory management.
Toast move to go public follows on the heels of other high profile IPOs and acquisitions in the restaurant tech space. In March, online ordering company Olo held its IPO. On the M&A front, Punchh was acquired by Par Technology and Restaurant365 Bought Compeat.
Toast is a restaurant operating system, connecting front of house and back of house operations across dine-in, takeout, and delivery channels. As of June 30, 2021, approximately 48,000 restaurant locations processed over $38 billion of gross payment volume in the previous 12 months, according to the company's prospectus.
Toast could be valued at $20 billion in its IPO, the Wall Street Journal reported in February.
Toast’s prospectus is available here.