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Boston technology company Toast on Monday revealed more details of its plan to go public, including terms that would value the company in the stock market at up to $16.5 billion, more than triple the price it fetched in a private financing last year.

In a new filing with the Securities and Exchange Commission, Toast said it plans to sell 21.7 million class A shares at $30 to $33 apiece. That would raise up to $717 million to help Toast expand.

Toast’s restaurant payments and software business was initially hit hard by the COVID-19 pandemic, but the company was able to pivot and help the industry shift to focus on take-out and delivery. Revenue in the first half of 2021 more than doubled to $704 million from the same period in 2020, though Toast’s net loss also widened to $235 million, from $125 million a year earlier.

A market valuation of $16.5 billion, at the high end of the price range, would be more than some long-established Boston software companies such as PTC and Pegasystems, while still trailing newer e-commerce and marketing-focused companies Wayfair and HubSpot.

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The proposed deal is somewhat less than the $20 billion valuation that Wall Street bankers expected last winter when Toast initially began preparing its IPO.

The resurgence of the Delta variant has depressed dining out, with bars and restaurants cutting 41,500 jobs in August after expanding in every month since December, according to the most recent national employment report. And already public rivals in the payments sector like Square and Olo have seen their stock prices drop over the past few weeks.

“They managed to have explosive growth in the first half of the year, though the Delta variant may throw a wrench in their growth plans,” said Matt Kennedy, senior IPO market strategist at Renaissance Capital. “But even during the pandemic, they continued to add merchants.”

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Toast’s rapid rate of growth has outpaced rivals like Square, thanks to its specialization in the restaurant industry, analyst Eugene Simuni at MoffettNathanson Research said. He expects Toast to use the IPO proceeds to add more services for restaurants and further expand outside of the United States.

“It sounds promising if they’re able to unlock those areas,” he said, so the potential $16.5 billion valuation “can certainly make sense.”

Tech companies going public have already raised $104 billion this year, according to data compiled by Bloomberg. From Boston, that includes foreign currency payments firm Flywire, which raised more than $250 million in May, and cloud software developer Semrush Holdings, which raised $140 million in March.

Toast, which was incorporated in 2011, said its platform was used by about 48,000 restaurants as of June 30 and had processed more than $38 billion in gross payments over the previous 12 months. In June, it averaged over 5.5 million guest orders per day. Toast said it has more than 2,200 employees as of September.

The company raised money last year at a valuation of $4.9 billion from investors including Bessemer Venture Partners, TPG, Tiger Global Management, and Greenoaks Capital.

Toast plans to list on the New York Stock Exchange under the symbol TOST. Goldman Sachs Group Inc., Morgan Stanley, and JPMorgan Chase & Co. are leading the offering.

Material from Bloomberg News was used in this report.

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Aaron Pressman can be reached at aaron.pressman@globe.com. Follow him on Twitter @ampressman.