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Investing.com — nCino shares shot through the roof on Tuesday, opening at $71 after pricing at $31. They are now trading around $80.
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.
