Food-Ordering Software Maker Olo Tops Goal With $450 Million IPO

Olo Inc., the food-ordering software company whose board members include Shake Shack Inc. founder Danny Meyer, raised $450 million in an initial public offering priced above a marketed range.

The New York-based company sold 18 million shares for $25 each on Tuesday, according to a statement. Olo had marketed the shares for $20 to $22, a range it had earlier elevated from $16 to $18.

Olo, whose name is derived from “online ordering,” has a market value in the listing of $3.55 billion based on the outstanding shares listed in its filings.

The company’s software powers loyalty ...