Restaurant-technology vendor Toast priced its IPO on Tuesday at $40 a share, according to a person familiar with the matter who asked not to be named because the announcement isn’t yet public. This offering exceeded the range expected and valued the company at around $20 billion.

Toast had expected to sell shares at $33 to $36 a piece, after raising the range from $30 to $33. Under the ticker symbol TOST, the company will trade on New York Stock Exchange.

Toast’s IPO is coming after a wild period of the pandemic, during which the company’s revenue plunged by 80%. Restaurants closed down and entire cities were shut down. The company slashed half of its workforce in mid-2020 and took desperate measures to stay afloat.

Like other tech companies that focus on the hospitality sector, such as Airbnb or TripActions. The rebound came much faster than anticipated. Toast was able to help restaurants keep their doors open while they shifted their focus from takeout and delivery to mobile ordering and takeout.

Toast provided a free one-month credit to customers for software fees. It also offered access to its technology which enabled online ordering, takeout and gift card purchase.

The third quarter 2020 saw an increase in revenue compared to the previous year. By November the company was experiencing such an upswing that it orchestrated a secondary share sale so that current and former employees could sell up to 25% of their vested shares at a price that valued Toast at $8 billion.

Toast, prior to the Covid-19 epidemic, was selling technology to restaurants. This allowed them to combine payment systems with inventory management to create multilocation controls and improve their operations. Investors valued the company at $5 billion in February 2020.

Toast claims it now serves more than 48,000 restaurants as of June 2019, up from 27,000 locations in 2019. From $27,000 in 2019, Toast’s annual recurring revenues jumped 118% to $494 million during the second quarter. Toast’s revenues come mainly from its financial technology services, which are fees charged by customers to process payment transactions. Subscriptions make up less than 10%.