WILMINGTON – nCino took another major step toward becoming a public company on Tuesday, pricing an initial public offering of its shares to bring in some $210 million, kicking off a “road show” about the company and its merits for investment.

And an analyst saw the pricing of $24 as reasonable based on the cloud banking company’s financial performance to date.

“[nCino] has produced a strong revenue growth rate, is making a path toward profitability, has low operational cash burn, high dollar-based net retention rate and strong industry prospects, and the IPO appears reasonably valued, although not cheap,” wrote Donovan Jones at financial news site SeekingAlpha.

In its prospectus, nCino says it has 21 customers paying more than $1 million for services among more than 160 customers paying $100,000 or more.

nCino, which began offering services in 2014, spelled out its plans in an updated filing on Tuesday.

Plans call for issuing more than 7.6 million shares.

Given nCino’s growth, Jones added, nCino is “turning toward operating breakeven and the industry is forecast to grow impressively in the coming years, so the IPO is worth considering.”

According to the filing, nCino has more than 1,100 financial institution customers and employs some 900 people spread across seven global locations.

nCino disclosed it had filed a registration statement with the SEC for an IPO stock two weeks ago, saying it was seeking as much as $100 million.

nCino intends to be listed on the Nasdaq under the symbol “NCNO.”

Wilmington cloud banking startup nCino targets $100M IPO