Reuters

Restaurant-software maker Toast valued at nearly $33 billion as shares surge in debut

(Reuters) -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%, underscoring a deep investor appetite for fast-growing software firms. 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.

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