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nCino IPO More than Doubles as Investors Buy Tech Anything

Published 07/14/2020, 01:22 PM
Updated 07/14/2020, 04:24 PM
© Reuters.

By Christiana Sciaudone

Investing.com -- Ncino (NASDAQ:NCNO) shares shot through the roof on Tuesday, opening at $71 after pricing at $31. They closed above $91.

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.

Latest comments

Dotcom bubble all over.
.
Now that is a better headline!
At last some honesty here
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