Olo, which provides a SaaS platform to restaurants for online ordering and delivery, raised the proposed deal size for its upcoming IPO on Monday.
The New York, NY-based company now plans to raise $378 million by offering 18 million shares at a price range of $20 to $22. The company had previously filed to offer the same number of shares at a range of $16 to $18. At the midpoint of the revised range, Olo will raise 24% more in proceeds than previously anticipated.
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.
Olo was founded in 2005 and booked $98 million in revenue 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.
