Toast is aiming for a valuation of up to US$18 billion after raising the price range for its initial public offering in the US, as the restaurant-software maker looks to cash in on a record boom in capital markets this year. Toast, founded in 2011, offers a software platform that allows restaurants to keep up with the fast-changing needs of their business, including managing online orders, operating an on-demand delivery network and integrating payments. The company said it was now looking to sell nearly 21.7 million shares priced between US$34 and US$36 each, according to a regulatory filing on Monday.