nCino Inc, a fast-growing global provider of cloud-based software for banking institutions, has filed Amendment No. 1 to Form S-1 Registration Statement on July 6, 2020 with the U.S. Securities and Exchange Commission and announced terms for its IPO.
The company plans to raise $175 million by offering 7.6 million shares at a price range of $22 to $24. Assuming a successful IPO at the midpoint of the revised range, the company expects to command a fully diluted market cap of $2.2 billion.
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.
It expects its trading debut during the week of July 13, 2020.
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