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
Untitleddesign12 101424112736

So You’re Feeling Like a Fraud... Let’s Talk

McAuley Hollis - APPROVE
Untitleddesign14

Efforts Underway to Address Healthcare Workforce Shortages

Jack Watson - University of North Carolina Wilmington, College of Health and Human Services
2022052 75 142344351

Elevating Wilmington: Why a New, Taller Bridge is Essential for Our Progress

Natalie English - Wilmington Chamber of Commerce

Trending News

Tech Wilmington: Upcoming Events Calendar

Staff Reports - Feb 12, 2025

Pet Pampering Options Grow

Samantha Kupiainen - Feb 12, 2025

Small Business Spotlight: Bookstore Fans Romantasy Flame

Staff Reports - Feb 12, 2025

Publix Confirms Upcoming Leland Store

Staff Reports - Feb 12, 2025

OPINION: Seeing Green: A Case For Community Collaboration On Parks And Green Space

Luke Waddell - Feb 12, 2025

In The Current Issue

Homebuilder Finds Room To Grow Here

“It’s not a huge market, but it’s not a small market either. There’s enough room for us to have a presence.”...


Seeking A Workforce Cure

For New Hanover County and the region, nursing remains the greatest health care workforce shortage, said Jack Watson, dean of the College of...


Leland Copes With Growing Up

The area was named Leland way back in 1897, but it only had between 1,000 and 2,000 residents on its official birthday in 1989, the year it...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season