Restaurant-software maker Toast valued at nearly $33 billion as shares surge in debut
(Reuters) -Toast Inc fetched a valuation of nearly $33 billion in its New York Stock Exchange debut on Wednesday, as shares of the restaurant software program program provider jumped 63%, underscoring a deep investor urge for meals for model spanking new tech shares.
The stock opened at $65.26, in distinction with its preliminary public offering price of $40 per share.
Toast’s itemizing comes at a time when demand for on-line meals provide has skyrocketed as a results of pandemic, with homebound purchasers ordering through DoorDash Inc, Uber Eats, Grubhub and totally different corporations.
The Boston-based agency builds software program program that helps consuming locations deal with on-line orders, perform an on-demand provide group and mix funds.
Founded in 2011, Toast counts TPG, Tiger Global Management and American Express Ventures amongst its backers. It partnered with nearly 48,000 restaurant areas and processed better than …