Print
Banking & Finance

NCino Raises IPO Value To Nearly $3 Billion; Plans To Start Trading Tuesday

By Staff Reports, posted Jul 13, 2020
Wilmington is about to give birth to a public company worth close to $3 billion.
 
Banking software company nCino, a tech venture spun out of Live Oak Bank nine years ago, announced Monday evening its initial public offering has been priced at $31 per share, another step up from its previous price estimate.
 
nCino will raise nearly $250 million through the IPO by selling more than 8 million shares. The offering’s underwriters can purchase an additional 1.2 million shares within 30 days.
 
Shares of nCino, under the ticker symbol NCNO, are expected to start trading Tuesday on the Nasdaq exchange.
 
In its initial July 7 filing, nCino estimated it would price the IPO at $24 to $27 per share. On Friday, it increased the estimated price to between $28 and $29.
 
This IPO is the latest evidence of Wilmington’s emergence as a player in the fintech (financial technology) arena.
 
Apiture, a Wilmington-based joint venture between Live Oak and Atlanta-based First Data, announced last week it has raised $20 million.
 
In January, Live Oak announced it had raised $545 million to create Canapi Ventures, which will invest in early-stage fintech companies with the goal of finding, nurturing and profiting from firms as it did with nCino.
 
nCino plans to use the money it raises from the IPO “for general corporate purposes, including working capital and capital expenditures such as additional office facilities,” according to its SEC filing.
 
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.
 
nCino will join Live Oak and PPD, a Wilmington-based contract research organization, as public companies that are locally headquartered.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Natalieenglish headshot

Catalytic Leadership

Natalie English - Wilmington Chamber of Commerce
Mikeharrington carolinaretreats 2

Maximizing Your Property For Year-Round Guests (Part II)

Mike Harrington - Carolina Retreats
Burrus rob headshot 300x300

Masters Of Science In Finance 4+1 Program At The Cameron School Of Business

Robert Burrus - Cameron School of Business - UNC-Wilmington

Trending News

Q&A: Veteran Starts Her Own Real Estate Firm

Cece Nunn - Jan 15, 2021

Some Area Golf Greens See More Green During COVID-19

Jenny Callison - Jan 14, 2021

Historic Wilmington Foundation Names Next Executive Director

Christina Haley O'Neal - Jan 15, 2021

Additional Apartments Planned Off South 17th Street

Cece Nunn - Jan 15, 2021

With More Than $2B In Sales, Brunswick County Real Estate Market Sets Record

Staff Reports - Jan 15, 2021

In The Current Issue

A Closer Look At The Year Ahead

While COVID-19’s impact on the economy will remain a focus this year, other expected newsmakers in 2021 include New Hanover Regional Medical...


Programs Aim To Build Workforce

The construction and IT sectors are the focus of new collab­oratives forming this year to address the area’s workforce develop­ment needs....


USDA, NC Organization Honor Live Oak Bank

In mid-December, the U.S. De­partment of Agriculture Rural Department named Live Oak Bank its top 2020 commercial lender....

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 Health Care Heroes
2020 WilmingtonBiz 100