New York City-based Olo said Monday (March 8) that it is kicking off its roadshow for an initial public offering (IPO) of stock. Olo, which provides restaurants with ordering and delivery software, had been considering going public for over a year now.
In a press release, the company said it is offering 18,000,000 shares of Class A common stock. The initial IPO price is expected to be between $16 and $18 per share. The plan is to have Olo’s shares trade on the New York Stock Exchange under the symbol “OLO.”
The company said it takes orders for restaurants through “all order-origination points — from a brand’s own website or app, third-party marketplaces, social media platforms, smart speakers, and home assistants.”
Olo serves as the “on-demand ordering and delivery platform for over 400 brands,” the company said, including Applebee’s, Cheesecake Factory, Chili’s, Dairy Queen, Denny’s and Five Guys Burgers and Fries.
A software-as-a-service (SaaS) platform, Olo officially filed for a $100 million IPO with the Security and Exchange Commission (SEC) on Feb. 19.
In its SEC filing, Olo said the restaurant industry faces “complex challenges and … significant economic pressure.” The company said that, as a result, restaurants may be more inclined to adopt its “cost-effective digital solutions.”
The company also cited “the restaurant industry’s decades-long growth and consumers’ rising expectations for convenience as drivers for digital engagement on the business and consumer side.”
The lead underwriters for the IPO are Goldman Sachs & Co. and J.P. Morgan. Other underwriters include RBC Capital Markets, Piper Sandler & Co., Raine Securities; Stifel, Nicolaus & Co., Truist Securities and William Blair & Co.
The release said that “a registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. … The offering will be made only by means of a prospectus.”