nCino IPO More than Doubles as Investors Buy Tech Anything

  • Investing.com
  • Stock Market News
nCino IPO More than Doubles as Investors Buy Tech Anything
Credit: © Reuters.

By Christiana Sciaudone

Investing.com -- nCino shares shot through the roof on Tuesday, opening at $71 after pricing at $31. They are now trading around $80.

The fintech company, based in Wilmington, N.C., raised $250 million when it priced its initial public offering above the estimated range of $28 to $29.

The company, a provider of cloud-based software for financial institutions, reported total revenue of $138 million for fiscal 2020, up from $92 million a year earlier, according to nCino’s prospectus. Net losses for fiscal 2010 were $28 million, up from $22 million a year earlier. For the first quarter, the company reported total revenue of $45 million and a net loss of $4.8 million.

nCino’s customer base includes Bank of America (NYSE: BAC ), Barclays (LON: BARC ) and Santander (MC: SAN ). Salesforce (NYSE: CRM ) is a shareholder.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100