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nCino prices flotation, potentially fetching more than USD 200mn
Posted on Wednesday, 08 July 2020 10:06
nCino, a maker of cloud-based software for financial institutions, has priced its previously announced initial public offering (IPO) to raise a potential USD 210.45 million, if overallotments are exercised in full.

Under the terms of the flotation, the US-headquartered group is offering 7.63 million shares at USD 22.00 to USD 24.00 apiece to raise up to USD 182.40 million at the top of the range.

BofA Securities, Barclays, KeyBlanc Capital Markets and SunTrust Robinson Humphrey have been hired as joint underwriters for the transaction and have been granted a 30-day green shoe option to purchase an additional 1.14 million stocks at the offering price.

nCino has applied to list on Nasdaq under the ticker NCNO and plans to use the proceeds raised for general corporate purposes and working capital.

The business empowers banks and credit unions with the technology they need to meet ever-changing client expectations and regulatory requirements, gain increased visibility into their operations and performance, replace legacy systems and operate digitally and more competitively.

nCino announced plans for the IPO in a preliminary filing with the US Securities and Exchange Commission.

The business uses data analytics, artificial intelligence and machine learning to digitise, automate and streamline inefficient and complex processes and workflow.

Customers include global financial institutions; enterprise, regional and community banks; credit unions; and new market entrants, such as challenger lenders.

Its clients range from Barclays, Santander, KeyBank and ConnectOn to Navy Federal Credit Union, B-North and DBT Företagslån.

During the three months ended 30th April 2020, nCino posted revenue of USD 44.71 million, up 49.8 per cent from USD 29.84 million in the corresponding period of 2019.

Net loss totalled USD 4.83 million in Q1 2020, compared to a loss of USD 3.42 million in Q1 2019.

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