Olo, Jowell Global, and Sun Country Airlines Holdings are making their public capital market debuts this Wednesday.
The three are the first traditional initial public offerings of the week. Above its expected range, Olo raised $450 million after selling 18 million shares at $25 each. Initially, the New York-based software company had filed to offer 18 million shares at $16 each, which was raised to $20 to $22 earlier this week. Olo has planned to trade on the New York Stock Exchange under the symbol OLO.
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Olo started in 2005 and helps roughly around 400 restaurants in digital ordering and delivery. Chili’s, Shake Shack (ticker: SHAK), Denny’s (DENN), and Cheesecake Factory (CAKE) are a few of its clients.
Sun Country, based in Minnesota, is also making its debut. The low-cost airline sold about 9.1 million shares at $24 each and collected $218 million, above its $21 to $23 price range. The company is scheduled to trade on the Nasdaq under the ticker SNCY. Barclays, Morgan Stanley and Deutsche Bank Securities are underwriters on the deal.
The company offers flights throughout the U.S. as well as to Mexico, Central America, and the Caribbean. It is also the air carrier for the NCAA Division I National Basketball Tournament.
Of the three companies starting their trade on Wednesday, only Sun Country is unprofitable. Due to the Covid-19 pandemic, the airline experienced a significant drop in demand last year.
Jowell Global will also set to begin its trade on Wednesday. The Shanghai-based company sold 3,714,286 million shares at $7 each and raised $26 million. It will trade on the Nasdaq market under the ticker JWEL. The underwriter on the deal is Network 1 Financial Securities.
Jowell provides an e-commerce platform for selling cosmetics, health, and nutritional supplements, and household products in China. It also sells its products through authorized retail stores under the brand Love Home Store or LHH Store.