Toast Inc fetched a valuation of nearly $33 billion in its New York Stock Exchange debut on Wednesday, as shares of the restaurant software provider jumped 63 percent, underscoring a deep investor appetite for fast-growing software firms. The stock opened at $65.26, compared with its initial public offering price of $40 per share. The valuation marked a substantial jump from the company’s last private funding round when it was valued at $4.9 billion in February 2020. Toast’s listing comes at a time when digital transformation among restaurants has accelerated during the pandemic, and merchants have adopted Toast software to manage takeout system through first-party delivery or working with partners, including DoorDash Inc and Uber Eats. “We’re in our early days, and we believe that we could be the unified platform that powers the restaurant industry,” said Chris Comparato, chief executive at Toast. The Boston-based company builds software that helps restaurants …
RSS Feed | The Epoch Times