By Kuldip K. Ambastha
Toast, Inc. (TOST) had its initial public offering (IPO) of Class A common stock on Wednesday, September 22, 2021 through the New York Stock Exchange (NYSE). Toast, Inc. is a cloud-based restaurant software company headquartered in Boston, MA. The company has an all-in-one point-of-sale and restaurant management platform used by food service and hospitality businesses. The stock’s reference price range was initially $30 to $33 per share, and then increased to $34 to $36 per share. In the end, the stock’s last reference price before trading was $40 per share. On Wednesday, September 22, 2021, the stock opened at $65.26 per share and closed at $62.51 per share. On Friday, September 24, 2021, the stock closed at $55.78 per share.
Given that all of these per share values from past trading days are above the last reference price, Toast, Inc. had a strong IPO since investors have bid up the stock aggressively. The IPO of Toast, Inc. is the biggest IPO ever seen coming out of Boston. The three co-founders of Toast, Inc. (Steve Fredette, Jonathan Grimm, and Aman Narang) are now all billionaires on paper. 29,000 customers and 48,000 restaurant locations now use the offerings of Toast, Inc., driven in part by the coronavirus pandemic which has increased the customer-driven need for takeout options and contactless ordering. Despite what skeptics have said recently, the IPO market looks alive and well when looking at Toast, Inc.
Keywords – Toast, Inc., Toast, TOST, Boston, Massachusetts, MA, initial public offering, IPO, New York Stock Exchange, NYSE, technology, tech, software, cloud, restaurant, food, service, hospitality.
Disclosure – The principals and clients of Ambastha Financial LLC have no positions in TOST.
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