Following its IPO, nCino (NCNO) stock increased 195% on the first day of trading. However, today it is down nearly 15%.After filing for its initial price offering (IPO) last month, nCino Inc (NASDAQ: NCNO) raised 0 million in the IPO, as stock prices climbed over 190% on its first trading day. nCino, the financial cloud-based software provider, is now the latest company to achieve a healthy IPO day.At first, nCino planned to sell shares between and . However, the stock opened at .90 per share and jumped over 160% from its initial pricing. It finally closed at .59 and was available at over in the after-hours market. Currently, NCNO has fallen a little and is trading at .25%, a 14.56% loss. The financial technology company sold a total of 8.06 million shares
Topics:
<title> considers the following as important:
This could be interesting, too:
Wayne Jones writes Argentina’s Mining Sector Pioneers Lithium Tokenization by Tapping Cardano
Wayne Jones writes Chinese Auto Dealer Dives Into Bitcoin Mining With 6M Investment
Bilal Hassan writes Morocco to Become First Developing Country with Clear Crypto Regulations
Bilal Hassan writes Ohio Considers Bitcoin Reserve with New Legislation
Following its IPO, nCino (NCNO) stock increased 195% on the first day of trading. However, today it is down nearly 15%.
After filing for its initial price offering (IPO) last month, nCino Inc (NASDAQ: NCNO) raised $250 million in the IPO, as stock prices climbed over 190% on its first trading day. nCino, the financial cloud-based software provider, is now the latest company to achieve a healthy IPO day.
At first, nCino planned to sell shares between $22 and $24. However, the stock opened at $70.90 per share and jumped over 160% from its initial $31 pricing. It finally closed at $91.59 and was available at over $90 in the after-hours market. Currently, NCNO has fallen a little and is trading at $78.25%, a 14.56% loss. The financial technology company sold a total of 8.06 million shares against its initial plan to sell 7.6 million.
With the announcement of its initial public offering, the CEO of nCino, Pierre Naude said:
“Entering the public market is an opportunity that can allow our company to responsibly invest in growth, and strengthen our ability to remain focused on our core mission and vision – to transform the global financial services industry through innovation, reputation and speed.”
The lead Investors of the company are Bessemer Venture Partners, Salesforce Ventures, insight Partners, T. Rowe Price, Wellington Management, John Mack of Morgan Stanley, Gene Ludwig, founder of Promontory Financial Group and CEO of Live Oak Banking Company, Chip Mahan. Presently, Insight Partners is the investor with the biggest claim. Salesforce Ventures has a 12.1% stake, and Wellington Management has 8.6%.
nCino’s customers include Bank of America, TD Bank, Santander Bank, and Barclays. Also, the lead underwriters are Barclays, BofA securities. The company currently has SunTrust Robinson Humphrey, Piper Sandler, Raymond James, and Macquarie as book-running managers for the offering. KeyBanc Capital Markets doubles as a customer and a book-running manager, while Sidley Austin LLP is the legal adviser.
nCino Before The IPO
nCino was founded by a team of bankers who believed that the commercial lending process was inefficient and time-consuming. The founders, Pierre Naude, Pullen Daniel, Nathan Snell, James “Chip” S. Mahan, and Neil Underwood, started the company in 2012. Since its inception, nCino has expanded beyond commercial banking under its CEO, Pierre Naude. The company now caters to small businesses and retail banking services.
In less than a decade, the company, which started in Wilmington, North Carolina, has evolved into a leading company banking software provider. As of 2019, nCino was providing services to over 1,100 financial institutions. nCino currently serves the U.S., Canada, Western Europe, Australia, and Japan.
Considering the effect of the persisting coronavirus pandemic, nCino has adjusted its Small Business Administration loan solution to fit the Paycheck Protection Program (PPP). The decision will help the PPP, which already gives financial help to small businesses affected by the pandemic. nCino has received thousands of loan applications and has made over $50 billion available via its software.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.