Print
Banking & Finance

NCino Shares Expected To Begin Trading This Week

By Christina Haley O'Neal, posted Jul 13, 2020
Pierre Naudé, CEO of nCino, is the leader of the Wilmington-headquartered company, which is potentially going public this week. (File photo)
Wilmington-based nCino's initial public offering is expected to begin trading this week. 

nCino, a provider of cloud-based software for financial institutions, will trade on Nasdaq under “NCNO,” and could potentially raise nearly $254.3 million should its initial public offering go on the stock market as planned this week, according to Nasdaq.

The IPO for nCino is listed for Wednesday, according to Nasdaq’s IPO calendar. The Nasdaq calendar website notes: "Expected IPO date is estimated by EDGAR Online based on filing dates and are not official."

The initial trade is set to be offered between $28 and $29 per share at 7,625,000 shares, up from the previous expectation that the firm’s common stock would be offered at an initial a price point between $24 and $27 per share, listed in its July 7 SEC filing.

The $28-$29 per share price range would up nCino’s valuation by about $500 million from the previous price range, putting it between $2.5 billion and $2.6 billion.

The company has granted the underwriters a 30-day option to purchase up to 1,143,750 additional shares of nCino's common stock at the IPO price, less the underwriting discounts and commissions.

The company on Friday announced plans to raise $217 million with the IPO.  

"At the midpoint of the revised range, nCino will raise 24% more in proceeds than previously anticipated to command a fully diluted market cap of $2.8 billion," stated officials in the Friday release.

"BofA Securities, Barclays, KeyBanc Capital Markets and SunTrust Robinson Humphrey are the joint bookrunners on the deal," stated the release.

nCino on June 22 announced its proposal to go public.

nCino reported in its SEC filing that the money raised from the IPO will be used “for general corporate purposes, including working capital and capital expenditures such as additional office facilities.”

The firm added, “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 at this time.”

nCino reported in that same filing total revenues of $138.2 million in fiscal 2020, $91.5 million for fiscal 2019, and $58.1 million in fiscal 2018 (nCino ends its fiscal year on Jan. 31). That represents a 54.2% compound annual growth rate, according to the firm.

nCino officials said Friday that the firm booked $153 million in revenue for the 12 months that ended April 30.

The growing fintech firm spun out of Wilmington-headquartered Live Oak Bank as its own independent fintech company in late 2011. The fintech firm has seen growth ever since.

The firm, which holds headquarters at 6770 Parker Farm Drive in Wilmington, has more than 900 global employees across seven offices.

Should the firm go public this week, they would be among a short list of Wilmington-headquartered, publically-traded companies. PPD Inc., a Wilmington-based contract research organization, raised $1.62 billion in its IPO in February. And Live Oak Bank started trading on Nasdaq in 2015.

Analysts familiar with the fintech sector have previously said nCino is a well-known company with solid financials and a strong backing of big investors. Benefits of going public, analysts say, include the ability to accelerate company growth and potentially provide financial weight to make future acquisitions. Analysts said it could also set the firm up potentially for a merger.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Michaelhiggins 41019104338

Preparing For The Loss Of A Spouse

Michael Higgins - Dignity Memorial
Burrus rob headshot 300x300

Entrepreneurship In A Pandemic: From CSB To Business Partners

Robert Burrus - Cameron School of Business - UNC-Wilmington
Dave sweyer 300 x 300

8 Signs It May Be Time To Call In The Professionals To Manage Your Investment Property

Dave Sweyer - Sweyer Property Management

Trending News

Major Facility Planned By Food Bank On Former Grocery Store Site

Cece Nunn - Aug 6, 2020

Cleaning Up Hurricane's 'big Sloppy Mess' On Water Street, Other Damage

Cece Nunn and Christina Haley O'Neal - Aug 4, 2020

Business Owners React To Extended State COVID-19 Restrictions

Christina Haley O'Neal - Aug 6, 2020

Search Committee Forming To Find The Next WDI Leader

Christina Haley O'Neal - Aug 5, 2020

After Massive Outages, Crews Work To Restore Power

Christina Haley O'Neal - Aug 4, 2020

In The Current Issue

Checking In To Retain Talent

WorkTok is an app that provides curated conversations, mobile and through the web, that can be used for employee check-ins....


Dosher Foundation Gets Golden LEAF Grant

Dosher Memorial Hospital Foundation received $378,000 from the Golden LEAF Foundation for an on-site well water system at the Southport hosp...


Owners Face Mask Rule Restrictions

For some local small businesses, Gov. Roy Cooper’s mask mandate meant business as usual....

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`