WILMINGTON – Fast-growing cloud banking firm nCino expects to begin trading on the Nasdaq today after pricing its shares at $31 on Monday evening.
nCino will trade under the symbol NCNO.
The firm expects to raise some $250 million, more than double the initial $100 million the firm talked about in its Initial Public Offering, or IPO, on June 22.
Earlier the revised range for the stock was $28 to $29.
“The pricing gives the company a market value of about $2.8 billion,” according to private equity news site PitchBook.
The $31 price marks the second upward revision in share price since the plans for the IPO were announced.
Some 8 million shares are being offered, and the underwriters of the offering have a 30-day option to purchase another 1.2 million shares.
nCino was launched nine years ago.
Last week, an analyst saw the pricing of $24 – at that time – 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.