Toast Inc. is planning an initial public offering that could value the restaurant-software provider at around $20 billion, people familiar with the matter said.

Toast tapped Goldman Sachs Group Inc. and JPMorgan Chase & Co. to underwrite a possible listing later this year, these people said. It could also consider other options including a sale or combination with a blank-check company, some of the people said. There are no guarantees Toast will ultimately go public or pursue another of the options.

In going public, Toast, a 10-year-old company whose valuation has leapt several fold in the past year, would join a red-hot IPO market fueled lately by the high-profile debuts of companies including Affirm Holdings Inc. AFRM -1.56% and Bumble Inc. BMBL -5.66% Shares of both are trading far above their IPO prices, as are those of 2020 predecessors including Airbnb Inc. ABNB -0.38% and DoorDash Inc. DASH -8.69%

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