nCino Ups Its IPO To As Much As $253M


The Wilmington, North Carolina-based company nCino Inc., a cloud-based software provider for financial institutions, has upped the amount it hopes to raise in an initial public offering (IPO), the company announced Friday (July 10).

In a filing with the Securities and Exchange Commission (SEC), the startup reported it plans to raise as much as $253.5 million by offering 7.6 million shares to the public and another 1.1 million shares to its underwriters at between $28 to $29.

As a result, nCino could raise as much as nearly 21 percent more if shares are sold at the top price. Sales are expected to start during the week of July 13.

“Our mission is to transform financial services through innovation, reputation and speed,” the company said in its prospectus. “The nCino Bank operating system is a single, multi-tenant cloud platform that digitizes client onboarding, loan origination and deposit account opening across commercial, small business and retail lines of business. Our solution streamlines employee, client and third-party interactions and drives increased profitability, efficiency, transparency and regulatory compliance across a financial institution.”

The company said it will use the proceeds of its stock sale to purchase additional office buildings, and may also use a portion to acquire, invest in or obtain rights to complementary technologies, products, services or businesses.

Its stock would be listed on the NASDAQ Global Select Market under the “NCNO” ticker symbol.

Last month, PYMNTS reported the company filed to offer the same number of shares at a range of $22 to $24 that would have raised up to $209.8 million.

Founded in 2011, the company reported $153 million in revenues for the 12 months that ended on April 30.

The company’s subscription revenues in fiscal 2020 were $103.3 million, or 74.7 percent of total revenues, up from $64.5 million (70.4 percent of total revenues) in 2019 and $38 million (65.4 percent of total revenues) in fiscal 2018, representing a 64.7 percent compound annual growth rate, the company reported.

But nCino has yet to earn a profit. The company recorded net losses in fiscal 2018, 2019 and 2020 of $18.6 million, $22.3 million and $27.6 million, respectively, according to its SEC filing.

BofA Securities, Barclays, KeyBanc Capital Markets and SunTrust Robinson Humphrey are the management team behind the deal.


New PYMNTS Report: The CFO’s Guide To Digitizing B2B Payments – August 2020 

The CFO’s Guide To Digitizing B2B Payments, a PYMNTS and Comdata collaboration, examines how companies are updating their AP approaches to protect their cash flows, support their vendors and enable their financial departments to operate remotely.