Restaurant POS and software makers Toast Inc.’s valued at nearly $33 billion after NYSE debut

Restaurant point of sale and software makers, Toast Inc.'s market cap is nearly $33 billion after its shares surge by 63% after its debut at the New York Stock Exchange

Toast Inc., makers of restaurant point of sale devices and software based on Android's technology, saw its market valuation rise to nearly $33 billion after its debut at the New York Stock Exchange on Wednesday. The stock opened at $65.26 compared to its initial public offering (IPO) price of $40, an increase of nearly 63%. The valuation marks a significant jump from its last private round of funding, where it was valued at $4.9 billion.

Toast Inc.'s listing at the NYSE comes when digital transformation among restaurants has accelerated during the pandemic. Covid-19 hammered the restaurant business, which was almost entirely dependent on a thriving dine-out industry. But as restaurants grappled with pandemic restrictions and tried to look for ways to satisfy the demand for takeout options and contactless ordering, Toast offered a suite of options that most eateries had never considered. Toast Inc.'s software and point of sale systems allow restaurants to accept payments with waiting for a check and maintain registers on the takeout ordered through food delivery services.