Toast Inc. TOST, , a restaurant-focused payments company, priced its initial public offering at $40 a share late Tuesday, significantly above its expected range of $34 to $36 apiece. That range had already been raised from the original $30 to $33 a share.
Shares are set to begin trading Wednesday on the New York Stock Exchange under the ticker symbol “TOST.”Toast makes software for restaurants that allows them to manage functions like business operations and online ordering, and the company also processes payments for restaurant customers. It sees opportunities to grow internationally and get existing customers to use more of its services.
Toast is betting that it can continue to win customers by delivering a focused offering full of services that cooperate with one another. Early on, the company found that restaurant owners were frustrated by older systems that didn’t connect well with each other, and Toast notes in its prospectus that many are still reliant on older processes like paper invoices and handwritten takeout orders.
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