olo Resturant tech firm share sore
olo share soared o 39% in afternoon trading during its public market debute on wednesday, olo makes software for restaurant online ordering and its client includes Shakes Shack, Sweetgreen, True Food kitchen etc. CEO Noah Glass said that going public will help raise the profit of the company, which could help its future growth.
olo riced shared at $25 per share,raising about $450 million at a valuation of $3.6 billion. The stock closed on Wednesday at $34.75 per share. olo had initially said its target price was $16 to $18per share on Monday.The stock is trading on the New York Stock Exchange under the ticker "olo".
Surge in online restaurant ordering during the covid pandemic helped olo turn a profit of $3.06 million last year, olo had raised less than $100 million funding from outside investor since company was founded in 2005.