Olo, which makes online ordering software for restaurants, saw shares soar as much as 24% in its public market debut on Wednesday.
The company priced shares at $25 per share, raising about $450 million at a valuation of $3.6 billion. Olo had initially said that its target price was $16 to $18 per share, before raising it to $20 to $22 per share on Monday. The stock is trading on the New York Stock Exchange under the ticker “OLO.”
“For us, we are so well known within the restaurant industry but so unknown outside the restaurant industry, certainly by public investors, so it’s important for us to meet with as many investors as we could,” CEO Noah Glass said in an interview.