Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

HashiCorp IPO: Serious Player in Multi-Cloud Infrastructure Automation Segment

Equity Capital Markets

<a href="https://www.marketwatch.com/story/toast-sets-ipo-terms-to-be-valued-at-up-to-165-billion-2021-09-13" target="_blank" rel="noopener">Toast Inc</a> is expected to complete its IPO in the US next week. The IPO price range is between $30 and $33 a share. The company is offering 21.74 million Class A shares in this IPO. At the high end of the IPO price range, the company would be raising $717.4 million. The lead underwriters of the IPO include Goldman Sachs, Morgan Stanley and J.P. Morgan.  At the high end of the IPO price range, the company's market cap would be $16.6 billion.
<div class="content-highlight">
Toast is the market leader of providing a one-stop shop of SaaS platform for the restaurant industry in the US. The company has experienced excellent growth in sales and a sharp improvement in its operating margins in the past year. 
</div>
Toast Inc generated sales of $823.1 million (up 23.8% YoY), gross profit of $140.4 million (up 125.2% YoY), and operating loss of $220.2 million in 2020. Its sales growth accelerated sharply in 1H 2021. It had sales of $703.8 million (up 104.7% YoY), gross profit of $154.8 million (244.1% YoY), and operating loss of $56.8 million in 1H 2021.

Toast Inc is expected to complete its IPO in the US next week. The IPO price range is between $30 and $33 a share. The company is offering 21.74 million Class A shares in this IPO. At the high end of the IPO price range, the company would be raising $717.4 million. The lead underwriters of the IPO include Goldman Sachs, Morgan Stanley and J.P. Morgan.  At the high end of the IPO price range, the company's market cap would be $16.6 billion.

Toast is the market leader of providing a one-stop shop of SaaS platform for the restaurant industry in the US. The company has experienced excellent growth in sales and a sharp improvement in its operating margins in the past year. 

Toast Inc generated sales of $823.1 million (up 23.8% YoY), gross profit of $140.4 million (up 125.2% YoY), and operating loss of $220.2 million in 2020. Its sales growth accelerated sharply in 1H 2021. It had sales of $703.8 million (up 104.7% YoY), gross profit of $154.8 million (244.1% YoY), and operating loss of $56.8 million in 1H 2021.

Toast

Toast Inc IPO Preview