Toast Inc., a Boston, Massachusetts-headquartered cloud-based restaurant software company, has been exploring an option for a US IPO (Initial Public Offerings) which could value the tech start-up more than $20 billion, becoming the latest tech start-up to jump on the bandwagon of a high-flying US IPO market that seems to be at its strongest in more than half a decade, a Wall Street Journal report published late on Sunday had unveiled citing unnamed sources.
On top of that, the newspaper report had also added that the cloud-based restaurant software provider had already tapped into two of the leading US lenders and financial services providers such as Goldman Sachs alongside JPMorgan Chase & Co.
in order to underwrite a likely US public market listing later this year, while the Wall Street Journal report was also quoted sources familiar with the subject-matter as saying that the company might contemplate other options such as a sale or a potential merger with an SPAC (Special Purpose Acquisition Company) in a bid to go public.
Nonetheless, while being asked over the issue, neither Toast Inc. nor the aforementioned lenders had agreed to comment over the subject-matter.
eyes US IPO at $20 billion valuation
On top of that, latest media topline that said the eight-year old cloud-based restaurant software company has been mulling a US IPO as early as late-2021, came against the backdrop of a fundraising campaign on February last year led by investment firms Tiger Global Management alongside TPG, while the Boston-based tech start-up had raised a stark upsum of $400 million, valuing the company at $4.9 billion a year earlier.
Boston-based Toast Inc., which was founded by Steve Fredette, Jonathan Grimm and Aman Narang back in the 2012s, offers a restaurant management and a point of sales system built on Android OS.