Food ordering technology company Olo will launch its initial public offering (IPO) on March 16 and the company plans to raise $306 million at a $3.1 billion market capitalization. The company financials showed strong topline revenue growth, the revenue grew 94% year-over-year, from $45.1 million in 2019 to $92.8 million last year.
The New York-based firm initially planned on selling 18 million shares at a price point of $16 to $18 while on Monday the company increased the IPO price range of between $20 to $22. The IPO which will be listed on the New York Stock Exchange under the ticker ‘OLO’. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the lead underwriters for the IPO.
Olo was founded in 2005, is integrated with 64,000 restaurants across 400 brands and processes 1.8 million orders per day. The company offers a white-label ordering service for restaurants to use and delivery programs that connect restaurant brands to the on-demand world.