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What Is Toast?

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Toast has priced its IPO at $40 per share on Tuesday. The company had filed to go public at the New York Stock Exchange under the ticker TOST on September 13. 

Toast is a cloud-based restaurant software company, which helps restaurants with online ordering. 

Headquartered in Boston, Massachusetts, the company was founded by Aman Narang, Jon Grimm, and Steve Fredette in 2011.

“We started Toast to make restaurant work a little easier," said their founders in a new S-1 filing. "Since our founding, we have translated our love for restaurants into a commitment to innovation and digital transformation for the industry. Our success as a business is tightly aligned to the success of our customers."

About 48,000 restaurants have been using Toast as of June 30, 2021.

The company is planning to sell 21.7 million shares, which would value the company at $20 billion.

"Restaurants are complex businesses. In order to thrive, restaurants must continually improve operational efficiency; deliver omnichannel experiences; personalize the guest experience; recruit, train, and retain talent; collect and leverage valuable data; gain increased access to financial services," the filing read.

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