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Fintech nCino Raised $250 Million US IPO

CY Seah
Esther Thin

nCino Inc, a fast-growing global provider of cloud-based software for banking institutions, has filed with the U.S. Securities and Exchange Commission on July 13, 2020 and announced the pricing of its IPO of 8 million common stocks at $31 per share. The company raised $250 million. It originally filed to offer 7.6 million common stocks at $22 to $24 on July 6, 2020 before increased the IPO price range to $28 to $29 on July 10, 2020.

The Wilmington, North Carolina-based company was founded in 2011 and booked $153 million in revenue for the 12 months ended April 30, 2020. Its customers include global financial institutions like Bank of America and Barclays, enterprise banks, regional and community banks, credit unions, and challenger banks.

The company plans to list on the Nasdaq Global Select Market under the symbol “NCNO.” BofA Securities, Barclays, KeyBanc Capital Markets, and SunTrust Robinson Humphrey are underwriters of the IPO

The company engages Sidley Austin LLP as US Securities Counsel, and Ernst & Young LLP as Independent Auditor.

Bankers and entrepreneurs use nCino because they found the commercial lending process “inefficient and time consuming,” the nCino website says. While Covid-19 continues to create uncertainty in the global financial markets, the company continues to capture business growth.

The shares are expected to begin trading on July 14, 2020

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