Restaurant software provider Olo plans to raise as much as $306 million in an initial public offering, the company announced Monday, making available 18 million shares of Class A common stock priced at between $16 and $18 per share.
The New York-based company will begin pitching the offering to investors this week as it comes off a year of massive, pandemic-fueled growth: Revenue grew 94% year over year in 2020 and it generated a profit of $3.1 million.
It also comes amid an upswell of technology IPOs including DoorDash, Airbnb and potentially Toast.
A date for Olo’s offering was not disclosed. In IPO documents filed last month, the company said proceeds from the offering would go toward “general corporate purposes” as well as potential acquisitions.
Founded in 2005, Olo has grown into one of the leading e-commerce providers for chains, offering online ordering, delivery integration and other software-based services to more than 64,000 restaurants across 400 brands. It also integrates with more than 100 other tech platforms.
The company will be listed on the New York Stock Exchange under the symbol OLO. Goldman Sachs and J.P. Morgan Markets are the joint lead bookrunners for the offering.
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