Restaurant-software maker Toast valued at over $32 billion as shares surge in debut

(Reuters) -Shares of Toast Inc jumped more than 63% 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.

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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 Inc, 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.

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

(Reporting by Sohini Podder in Bengaluru; Editing by Ramakrishnan M. and Shailesh Kuber)

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