Print
Banking & Finance

Fintech Company NCino Boosts Offering, Sets Valuation At More Than $1.9 Billion

By Jenny Callison, posted Jul 7, 2020
nCino filed documents Monday with the SEC to offer shares of its stock at between $22 and $24 per share. (File photo)
New Hanover Regional Medical Center may soon have company among local operations valued by the market at $2 billion.
 
nCino, a Wilmington-based bank software company, filed documents Monday with the Securities and Exchange Commission to offer shares of its stock at between $22 and $24 per share.
 
This range would value the nine-year-old company at between $1.9 billion and $2.1 billion.
 
Originally a spinout of Live Oak Bank, nCino has quickly grown into a global player to assist banks in replacing paper-based processes with cloud-based technology.
 
At this valuation, nCino would have a market value more than triple that of Live Oak, which currently trades at a valuation close to $600 million.
 
nCino filed for its initial public offering (IPO) on June 22, planning to raise $100 million.
 
The company’s updated filing on Monday increased its raise to potentially more than $210 million if it sells shares for $24 apiece.
 
nCino expects to sell slightly more than 7.6 million shares during the IPO with underwriters having a 30-day option to purchase 1.1 million additional shares.
 
The company will trade on the Nasdaq stock exchange under the symbol “NCNO.” It has not announced when its shares will start trading publicly.
 
In a previous filing, nCino reported annual revenue of $138.2 million in fiscal 2020, which ended on Jan. 31. That compared to $91.5 million in revenue in fiscal 2019 and $58.1 million in fiscal 2018.
 
nCino’s filing states some of the capital will be used for “general corporate purposes, including working capital and capital expenditures such as additional office facilities. We may also use a portion of the net proceeds to acquire, invest in or obtain rights to complementary technologies, products, services or businesses. There are no such transactions (or agreements related to such transactions) at this time.”

Headed since its late 2011 launch by CEO Pierre Naudé, nCino currently serves more than 1,100 customers and employs more than 900 people.

In addition to its Wilmington headquarters, the company maintains international offices in London, Tokyo, Sydney and Toronto.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Aarp suzanneheadshot 300x300

Season’s Cheatings: Avoid These Holiday Scams

Carolinemontgomery4

Paycheck Protection Program (PPP) Forgiveness Planning Update

Caroline Montgomery - Adam Shay CPA, PLLC
Danielhughes liveoakprivatewealth october 2

Trustee Tips: Estate Planning Basics

Daniel Hughes - Live Oak Private Wealth

Trending News

Mayfaire Losing Town Center Drive Tenant

Cece Nunn - Nov 24, 2020

CFCC Foundation Welcomes New Board Members

Christina Haley O'Neal - Nov 24, 2020

TMA Picks Up More COVID-19 Vaccine Trials That Start In Wilmington Soon

Christina Haley O'Neal - Nov 23, 2020

Lindsey Jenkins Earns Double Centurion Producer Award

Christina Haley O'Neal - Nov 24, 2020

With Smaller Local Workforce This Year, GE Aviation Warns Of More Cuts Nationally

Christina Haley O'Neal - Nov 24, 2020

In The Current Issue

Making The Area Sweeter

Carolina Candy Co. is family-owned and operated maker of gourmet toffees and chocolate confections....


Distant Holidays

It’s beginning to look like, well, no holiday season we’ve ever seen – Santa’s donning a mask, Black Friday is now the whole month of Novemb...


The VR Way To Train

Jenson8, a human resources technology company establishing its U.S. base at the UNCW's Center for Innovation and Entrepreneurship, provides...

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2020 Leadership Accelerator: Virtual Workshops for Real Leaders
2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`