Olo, which provides a SaaS platform to restaurants for online ordering and delivery, announced terms for its IPO on Monday.
The New York, NY-based company plans to raise $306 million by offering 18 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Olo would command a fully diluted market value of $3.1 billion.
Olo provides restaurants with a business-to-business-to-consumer, enterprise-grade, open SaaS platform to manage their digital businesses. The company roughly doubled the gross merchandise value processed through its platform in each of the last five years, and reached nearly $14.6 billion in GMV in 2020. Olo's customers include restaurant brands such as Chili’s, Wingstop, Shake Shack, Five Guys, and sweetgreen, and as of December 31, 2020, it had approximately 400 brand customers representing over 64,000 active locations using its platform. Olo was profitable in 2020 and nearly doubled its total revenue.
Olo was founded in 2005 and booked $98 million in sales for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol OLO. Goldman Sachs, J.P. Morgan and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of March 15, 2021.
