Shares of Toast TOST soared Wednesday in their first day of trading after the restaurant-payment platform's initial public offering.
The stock recently traded at $61.24, up more than 50% from the IPO price of $40, though below the opening of $65.26. The current price values the company at more than $30 billion.
Boston-based Toast sold 21.7 million Class A common shares, raising $870 million. The shares trade on the New York Stock Exchange with the ticker TOST.
In addition to its payments service, Toast’s software can help restaurants with inventory management and multilocation controls for eateries with more than one site.
The company last raised money in February 2020, when it was valued at $4.9 billion.
Toast suffered along with restaurants early in the pandemic and has rebounded along with them since.
Toast's first-half net loss expanded to $235 million from $125 million a year earlier.
Toast’s revenue more than doubled in first-half 2021 from a year earlier, to $704 million.
Annual recurring revenue in the second quarter more than doubled (up 118%) to $494 million.
Toast says it served more than 48,000 restaurant locations as of June 30, up 78% from 27,000 in 2019, prior to the pandemic.
In other restaurant news, McDonald's MCD, the Chicago fast-food giant, this week unveiled plans to be more sustainable by taking the plastic out of the toys included with its iconic Happy Meals.
The Chicago fast-food giant is starting the change now and expects its new standards to be global by the end of 2025.