Olo, a maker of order and delivery software programs for restaurants, plans to raise up to $324 million in an initial public offering.
New York-based Olo said it planned to offer 18 million shares of its Class A common stock at a price range of between $16 and $18 per share.
It intends to list its shares on the New York Stock Exchange under the ticker symbol “OLO.”
Olo in its IPO filing said it aims to use proceeds from the offering for general corporate purposes, including working capital, operating expenses and capital expenditures.
Olo was founded in 2005 and changed its name to Olo from Mobo Systems Inc. in January 2020. The company said its revenue grew to $98.4 million in 2020 from $50.7 million in 2019. It posted net income of $3.1 million, compared with a loss of $8.3 million in 2019.
Olo’s software allows customers to place orders from a brand’s website or app, third party marketplaces, social media platforms, smart speakers and home assistants. The company’s platform is used by more than 400 brands, including Applebee’s, Checkers & Rally’s, Cheesecake Factory, Chili’s, Dairy Queen, Denny’s, Five Guys Burgers & Fries, Jamba Juice, Noodles & Co., Portillo’s Hot Dogs, Shake Shack, Sweetgreen and Wingstop.
Goldman Sachs and J.P. Morgan are acting as lead book-running managers for the proposed IPO. RBC Capital Markets is acting as book-running manager for the proposed offering, and Piper Sandler & Co., Raine Securities LLC, Stifel, Nicolaus & Co., Truist Securities Inc. and William Blair & Co. are acting as co-managers for the proposed offering.