Toast TOST on Monday outlined its initial public offering, which would value the restaurant-payment-software provider at $16.5 billion.
It plans to sell 21.7 million Class A shares at $30 to $33 apiece. That would value the IPO at $652 million to $717 million.
After the offering, the Boston company would have 21.74 million Class A shares and 477.6 million Class B shares.
The Class A shares have one vote each, while the Class B have 10 votes apiece.
The company, which started up 10 years ago, will trade on the NYSE with the ticker symbol TOST.
“Running a restaurant is tough. It takes guts and determination to be in this business,” the company said in its SEC filing.
It added: “We started Toast to make restaurant work a little easier. Back in 2011, we hoped to take our passion for small business and build a technology platform for an industry that wasn’t benefiting from the digital innovation other industries were experiencing.”
For the first half Toast posted a net loss of $234.7 million, widening from a loss of $124.6 million in the year-earlier period.
Revenue totaled $703.8 million, more than doubling the $343.8 million of a year earlier.
About 48,000 restaurants utilized Toast as of June 30, and it processed $38 billion in gross transactions over the previous year.
It averaged 5.5 million restaurant-customer orders a day in June.
Toast received a funding round of $400 million in February 2020, led by the investment firms Bessemer Venture Partners, TPG, Tiger Global Management and Greenoaks Capital. That round valued Toast at $4.9 billion.
In other IPO news, last week, Sportradar Group, a sports-data company, filed with the Securities and Exchange Commission to raise as much as $532 million in an offering on Nasdaq.
The St. Gallen, Switzerland, company plans to offer 19 million shares at $25 to $28 each. That means a total of $475 million to $532 million.
At the midpoint of the price range, Sportradar would have a market capitalization of $29 billion, MarketWatch reports.
