nCino (NASDAQ:NCNO), a Wilmington, North Carolina based Fintech that offers a cloud banking platform built on the Salesforce platform, launched its initial public offering (IPO) today and shares have rocketed on the NASDAQ since trading commenced.
nCino listed at $31/share after the offer price was raised in the proceeding days. As it stands right now, nCino is trading at around $78 a share and thus an easy double from the IPO price. While a single day of trading does not make a company it is an encouraging sign there was so much enthusiasm for the Fintech.
The company floated 8.06 million shares raising almost $250 million. The underwriters have been granted a 30-day option to purchase up to 1,209,000 additional shares at the initial public offering price less underwriting discounts and commissions.
Lead book-runners for nCino include BofA Securities and Barclays. KeyBanc Capital Markets and SunTrust Robinson Humphrey are also acting as book-running managers for the offering, along with Piper Sandler, Raymond James, and Macquarie Capital, according to a company release.