Banking technology startup nCino is going public and has provided more details about its asking price for a stake in the company.
In an updated S-1 filing, nCino has announced that the initial price range for its equity will be $22 to $24 per share at its upcoming initial public offering (IPO).
It also said that it intends to sell 7.625 million shares in its debut, worth $167.75m to $183m at those prices, putting nCino’s valuation between $1.96bn to $2.14bn. That’s excluding the additional shares offered to its underwriters, its haul grows to between $192.9m and $210.5m, according to TechCrunch.
nCino officially kicked off its journey towards going public when the FinTech filed a Form S-1 at the U.S. Securities and Exchange Commission in June, stating the company’s intent to be listed on the Nasdaq as NCNO.
The filings also showed that the company’s revenue had reached $138.2m in its last fiscal year, which ended in January, a dramatic increase from the previous year when it had a revenue of $91.5m.
Still, that impressive revenue was also paired with net losses of $27.7m last year and $22.3m in the second to last period.
nCino most recently raised $80m in a funding round in October 2019, led by
T. Rowe Price Associates, the asset management firm.
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