The Wall Street Journal
Toast Inc. is planning an initial public offering that could value the restaurant-software provider at around $20 billion, people familiar with the matter said.
Toast tapped Goldman Sachs Group Inc. and JPMorgan Chase & Co. to underwrite a possible listing later this year, these people said. It could also consider other options including a sale or combination with a blank-check company, some of the people said. There are no guarantees Toast will ultimately go public or pursue another of the options.
In going public, Toast, a 10-year-old company whose valuation has leapt several fold in the past year, would join a red-hot IPO market fueled lately by the high-profile debuts of companies including Affirm Holdings Inc. and Bumble Inc. Shares of both are trading far above their IPO prices, as are those of 2020 predecessors including Airbnb Inc. and DoorDash Inc.
Also powering the record IPO market is a wave of so-called special-purpose acquisition companies, which go public without a business and then hunt for one to merge with.
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