Toast Inc.’s share price surged 63% on Wednesday’s trading debut, warmly welcoming Wall Street to restaurant-focused software and payment technology makers.
Open for $ 65.26, Exceeds the initial public offering price of $ 40, In itself exceeded the raised expectations of $ 34 to $ 36. Toast has raised $ 868 million through this offering and is worth $ 31.2 billion, based on a recent transaction price of $ 62.50.
Toast offers a variety of payment services for restaurants, including point-of-sale hardware, team management tools, and software that allows facilities to place online orders. The company’s technology was present in approximately 48,000 restaurants as of the end of June.
Among the most popular toast products are its payment hardware, online tools, and marketing products, Chief Financial Officer Elena Gomez told MarketWatch. More than half of the company’s customers have more than four products, and she is “excited and encouraged by more customers adopting the entire platform.”
The company generated $ 704 million in revenue and posted a net loss of $ 235 million in the first half of 2021. This is compared to revenues of $ 344 million and net losses of $ 125 million in the first half of 2020.
When asked about the company’s approach to revenue, Chief Financial Officer Elena Gomez told MarketWatch that the company plans to continue investing in its platform. “At the highest level, we have the tremendous opportunity to support our customers and continue to invest for growth,” she said.
According to the company’s prospectus, one of Toast’s growth goals is international expansion. Toast currently accounts for only 6% of the US market, but also sees “significant opportunities” to attract customers in new regions, Gomez said.
Renaissance IPO exchange-traded fund debuts toast
The S & P 500 Index has risen 6.7% in the last three months.
It has increased by 3.7%.
Toast stock pops 60% on IPO debut
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