Toast’s $1.0 Billion IPO

Goodwin Procter advised Toast, Inc. on the deal while Sullivan & Cromwell represented the underwriters.

Toast, Inc. (NYSE: TOST) announced its initial public offering of 25,000,000 shares of its Class A common stock at a public offering price of $40.00 per share, which includes the exercise in full of the underwriters’ option to purchase additional shares. The transaction raised total gross proceeds of $1.0 billion.  

Toast is a cloud-based, end-to-end technology platform purpose-built for the entire restaurant community. The Toast platform provides a comprehensive suite of SaaS products, financial technology solutions including integrated payment processing, restaurant-grade hardware, and a broad ecosystem of third-party partners. Toast serves as the restaurant operating system, connecting front of house and back of house operations across dine-in, takeout, and delivery channels. 

Goldman Sachs & Co. LLC, Morgan Stanley, and J.P. Morgan acted as lead book-running managers for the offering. KeyBanc Capital Markets, William Blair, and Piper Sandler acted as book-running managers for the offering. Canaccord Genuity, Needham & Company, and R. Seelaus & Co., LLC acted as co-managers for the offering.

The Goodwin team was led by Gregg Katz (Picture), Andrew Pusar and Mark Bettencourt and included Katie Maxwell, Yana Shneyderman, Kristen McCarthy, Justin Anslow, Patty Shields, Sarah Bock, James Mattus, Grace Wirth, Brittany McCants, James Devendorf, Mike Whalen, Kimberly Holzel and Jinal Sharma. 

The S&C team representing the underwriters included John Savva, Yu Tanebe and Danielle McKenna. Mehdi Ansari and Jay Thornton advised on intellectual property matters. Tracey Russell advised on FINRA matters. Kristen Klein and Kian Khajooei advised on employment and compensation matters. Jeffrey Hochberg, Saul Brander and David Horton advised on tax matters.

Involved fees earner: Justin Anslow – Goodwin Procter; Kristen Armstrong McCarthy – Goodwin Procter; Mark Bettencourt – Goodwin Procter; Sarah Bock – Goodwin Procter; James Devendorf – Goodwin Procter; Gregg Katz – Goodwin Procter; James Mattus – Goodwin Procter; Katherine Maxwell – Goodwin Procter; Brittany McCants – Goodwin Procter; Kimberly Monty Holzel – Goodwin Procter; Andrew Pusar – Goodwin Procter; Patty Shields – Goodwin Procter; Mike Whalen – Goodwin Procter; Grace Wirth – Goodwin Procter; Yu Tanebe – Sullivan & Cromwell; Mehdi Ansari – Sullivan & Cromwell; Saul Brander – Sullivan & Cromwell; Jeffrey Hochberg – Sullivan & Cromwell; Kian Khajooei – Sullivan & Cromwell; Kristen Klein – Sullivan & Cromwell; Danielle McKenna – Sullivan & Cromwell; Tracey Russell – Sullivan & Cromwell; John Savva – Sullivan & Cromwell; Jay Thornton – Sullivan & Cromwell;

Law Firms: Goodwin Procter; Sullivan & Cromwell;

Clients: Canaccord Genuity; Goldman Sachs & Co.; J.P. Morgan Securities LLC; KeyBanc Capital Markets; Morgan Stanley; Needham & Co.; Piper Sandler; R. Seelaus & Co.; Toast, Inc.; William Blair & Company, L.L.C.;

Martina Bellini

Author: Martina Bellini