Toast fetched a valuation of nearly US$33 billion in its New York Stock Exchange debut on Wednesday, as shares of the restaurant software provider jumped 63 per cent, underscoring a deep investor appetite for fast-growing software firms.
Toast's listing comes at a time when digital transformation among restaurants has accelerated during the pandemic, and merchants have adopted Toast software to manage takeout system through first-party delivery or working with partners, including DoorDash and Uber Eats. The Boston-based company builds software that helps restaurants manage online orders and dine-in order, operate an on-demand delivery network and integrate payments.
As restaurant revenues plunged due to lockdowns and other restrictions, Toast cut its workforce and launched new features to cater to the shifts in dining behavior, including contactless ordering, indoor dining payments through QR codes, curbside notifications for takeout and deliveries on a flat-fee basis.
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Restaurant-software maker Toast valued at nearly US$ 33 billion as shares surge in debut:Toast Inc fetched a valuation of nearly US$33 billion in its New York Stock Exchange debut on Wednesday, as shares of the restaurant software provider jumped 63per cent, underscoring a deep investor appetite for new tech stocks. The stock opened at US$65.26, compared with its initial public offering price of
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Restaurant-software maker Toast valued at nearly US$ 33 billion as shares surge in debut:Toast Inc fetched a valuation of nearly US$33 billion in its New York Stock Exchange debut on Wednesday, as shares of the restaurant software provider jumped 63per cent, underscoring a deep investor appetite for new tech stocks. The stock opened at US$65.26, compared with its initial public offering price of
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
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