The Olo (NYSE:OLO) initial public offering (IPO) is underway with shares of the stock heading higher on the first day of trading. Investors will want to get up to speed on the company and what’s it’s all about.
Olo is a software company that provides its services to restaurants. This allows those restaurants to better adapt to the growing market of online ordering. That also includes helping set up restaurants with an online platform and delivery options.
Olo already works with several large restaurant chains offering them its services. Its partners include The Cheesecake Factory (NASDAQ:CAKE), Denny’s (NASDAQ:DENN), El Pollo Loco (NASDAQ:LOCO), Shake Shak (NYSE:SHAK), Wingstop (NASDAQ:WING), and others.
Now that we know what Olo’s main business is, let’s take a look at the company’s IPO.
- Olo is listing its shares on the New York Stock Exchange under the OLO stock ticker.
- The IPO includes 18 million shares of the company’s stock.
- Olo set a price of $25 per share for its stock in the IPO.
- That was above its previous range of $20 to $22 per share.
- This sets it up to gain $450 million from the IPO.
- Even then, it looks like Olo underestimated how hungry investors were for its stock.
- Shares quickly jumped up to $31 per share when the IPO launched today.
- Olo is expecting the offering to close on Friday.
- The lead-book-running managers of the Olo IPO are Goldman Sachs (NYSE:GS) and JPMorgan Chase (NYSE:JPM).
- RBC Capital Markets is also serving as a book-running manager for the offering.
- Other co-managers of the IPO include Piper Sandler (NYSE:PIPR), Stifel (NYSE:SF), Nicolaus & Company, Truist Securities, and William Blair & Company.
OLO stock was up 23.5% as of Wednesday afternoon.
Let’s take a look at some of the other IPO news of late that investors should be aware of.
Olo is far from the only company with a recent IPO. Several companies have been going public lately and some of the biggest names worth checking out have been covered by InvestorPlace. That includes Roblox (NYSE:RBLX), Coupang (NYSE:CPNG), Joann (NASDAQ:JOAN), as well as Bumble (NASDAQ:BMBL).
More Recent IPO Coverage From InvestorPlace.com
- Missed Out on the RBLX Stock IPO? There’s Still Time to Buy In
- RBLX Stock: Cathie Wood Gives Shares a Big Boost After the Roblox IPO
- Try an E-commerce Giant in a Different Geography With Coupang
- JOAN Stock IPO: 14 Things to Know as Joann Fabric Starts Trading
- Bumble Stock Absolutely a No-Go for Buy-and-Hold Investors
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.