Shares of nCino Inc. NCNO,
A maker of cloud-based software provider for financial institutions, it shot up 154% in its commercial debut on Tuesday, after the company valued its initial public offering above an already increased price range. The IPO is priced at $ 31 late Monday. The company’s original price range was $ 22 to $ 24, and that rose to $ 28 to $ 29 in a recent regulatory filing. The company sold 8.06 million shares to raise $ 249.86 million. The company expanded the agreement from an original plan to offer 7.6 million shares. NCino’s shares are listed on Nasdaq later on Tuesday, under the ticker ‘NCNO’. There were seven banks signing the deal, led by BofA and Barclays. Proceeds will be used for general corporate purposes and working capital. “We provide banks and credit unions with the technology they need to meet changing customer expectations and regulatory requirements, gain greater visibility into their operations and performance, replace legacy systems, and operate digitally and more competitively.” says the company in its brochure.
.
