Wilmington’s Live Oak Bank stock up after IPO

WILMINGTON, NC — Wilmington-based Live Oak Bankshares Inc. gave the coastal city some Wall Street exposure this morning as its CEO James “Chip: S. Mahan III rang the opening bell of the Nasdaq exchange, celebrating the firm’s initial public offering. Live Oak specializes in small business lending and is the parent of Wilmington-based startup nCino, a developer of cloud-based financial services.

Live Oak priced its IPO at $17 a share and is listed under the symbol “LOB.”

Shares traded at $19.83 mid-afternoon, Friday, up about 4 percent.

The company provides a national online banking platform for small business lending. It uses technology to “streamline” the borrower experience, according to its pre-IPO filing with the U.S. Securities and Exchange Commission.

The company has made $2.2 billion in U.S. loans, $98 million of it in North Carolina.

Live Oak founded nCino, the cloud-based lending platform in 2012 and then then spun it out as an independent company. The startup raised $9 million in venture-backing.

See:
Big news for banking startup nCino: A global deal with Deloitte

https://wraltechwire.com/ncino-/14640453/