(Bloomberg) -- Olo Inc., the food-ordering software company whose board members include Shake Shack Inc. founder Danny Meyer, climbed in its trading debut Wednesday after raising $450 million in an initial public offering.

The New York-based company sold 18 million shares for $25 each on Tuesday after marketing them for $20 to $22, a range it had earlier elevated from $16 to $18. Olo’s shares opened at $32 and were up 27% to $31.75 at 12:19 p.m. in New York, giving it a market value of almost $4.5 billion.

The company’s software powers loyalty programs and allows restaurants to manage orders and set customized menus, according to its website. Olo, whose name is derived from “online ordering,” partnered with Uber Technologies Inc. in 2019 to allow consumers to place Uber Eats orders directly into restaurants’ systems, according to an earlier statement.

Olo’s customers include restaurant chains such as Five Guys Holdings Inc., California Pizza Kitchen Inc. and The Cheesecake Factory Inc.

Like other businesses with a hand in food delivery, Olo has surged during the coronavirus pandemic. After losing $8.3 million on $51 million in revenue in 2019, Olo had net income of $3 million on $98 million in revenue last year, according to its filings.

Olo was founded in 2005 as a text-message food-ordering service. It received a $40 million investment from the Raine Group in 2016 and $18 million from Tiger Global Management in 2019, according to company statements. Raine Group will remain Olo’s biggest shareholder after the listing and will have 27% of the voting power, according to the filings.

Meyer, chief executive officer of Union Square Hospitality Group, owns about 1.1% of Olo’s Class B shares, the filings show.

Olo’s offering was led by Goldman Sachs Group Inc., JPMorgan Chase & Co. and Royal Bank of Canada. The shares are trading on the New York Stock Exchange under the symbol OLO.

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