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: Restaurant software company Toast files to go public

Toast Inc.
TOST,
,
a Boston company that makes software used to run restaurants, plans to go public, according to a filing with the Securities and Exchange Commission on Friday.

The company said it plans to raise up to $100 million, but that figure is often used as a placeholder and is updated in subsequent filings. Goldman Sachs, Morgan Stanley, J.P. Morgan, and KeyBanc Capital Markets are listed among the underwriters for the offering. 

The company plans to list its stock under the ticker “TOST” on the New York Stock Exchange.

Toast reported sales of $823.1 million and a loss of $249 million in 2020, compared with revenue of $665 million and a loss of $209.4 million in 2019. For the first half of 2021, the company reported revenue of $703.7 million and a loss of $234.7 million, compared with revenue of $343.8 million and a loss of $124.5 million for the first half of 2020.

The offering is for Class A shares, which get one vote, compared with Class B shares, which get 10 votes. Tiger Global owns nearly 13% of the Class B shares, while Bessemer Venture Partners owns about 12.5%, and Technology Investment Dining Group owns nearly 12%.

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