Olo Announces Closing of Initial Public Offering and Full Exercise of Underwriters' Option to Purchase Additional Shares

Rhea-AI Summary

Olo Inc. (NYSE: OLO) has successfully concluded its initial public offering (IPO) of 20,700,000 shares of Class A common stock, pricing each share at $25.00. The offering included an option exercised by underwriters to purchase an additional 2,700,000 shares. Leading the offering were Goldman Sachs & Co. LLC and J.P. Morgan, with RBC Capital Markets as book-running manager and other firms as co-managers. The SEC declared the registration statement effective on March 16, 2021. This press release does not constitute an offer to sell or buy securities in any jurisdiction where it is unlawful.

Positive

• Successfully raised $517.5 million from IPO (20,700,000 shares at $25.00 each).
• Underwriters exercised option for 2,700,000 additional shares, indicating strong demand.

Negative

• Shareholder dilution due to additional shares being offered.
• -

Olo Inc. (NYSE: OLO) today announced the closing of its initial public offering of 20,700,000 shares of its Class A common stock at a price to the public of $25.00 per share, including the full exercise by the underwriters of their option to purchase up to an additional 2,700,000 shares of Class A common stock.

Goldman Sachs & Co. LLC and J.P. Morgan acted as lead book-running managers for the offering. RBC Capital Markets acted as book-running manager for the offering, and Piper Sandler & Co., Stifel, Nicolaus & Company, Incorporated, Truist Securities, Inc., and William Blair & Company, L.L.C. acted as co-managers for the offering.

A registration statement relating to this offering was declared effective by the Securities and Exchange Commission on March 16, 2021. Copies of the prospectus relating to this offering may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at 1-866-471-2526 or by email at prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 866-803-9204 or by email at prospectus-eq_fi@jpmorganchase.com; or RBC Capital Markets, LLC, Attention: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, NY 10281, by telephone at 1-877-822-4089, or by email at equityprospectus@rbccm.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210319005455/en/

FAQ

What were the details of Olo's IPO?

Olo's IPO included 20,700,000 shares of Class A common stock priced at $25.00 each, generating approximately $517.5 million.

Who managed Olo's IPO?

The IPO was managed by Goldman Sachs & Co. LLC and J.P. Morgan as lead book-running managers, with RBC Capital Markets as the book-running manager.

What is the impact of the IPO on Olo's shareholders?

The IPO may lead to shareholder dilution due to the additional 2,700,000 shares exercised by underwriters.