nCino, which offers an end-to-end digital banking platform for financial institutions, increased the proposed range for its upcoming IPO on Friday.
The Wilmington, NC-based company now plans to raise $217 million by offering 7.6 million shares at a price range of $28 to $29. The company had previously filed to offer the same number of shares at a range of $22 to $24. At the midpoint of the revised range, nCino will raise 24% more in proceeds than previously anticipated to command a fully diluted market cap of $2.8 billion.
nCino was founded in 2011 and booked $153 million in revenue for the 12 months ended April 30, 2020. It plans to list on the Nasdaq under the symbol NCNO. BofA Securities, Barclays, KeyBanc Capital Markets and SunTrust Robinson Humphrey are the joint bookrunners on the deal. It is expected to price during the week of July 13, 2020.
