Shares of NCino shot up 195% during its first trading day, closing at $91.59 apiece to value the company at around $8.2 billion.
The banking software company’s stock began trading Tuesday at $71 on the Nasdaq, after shares in its initial public offering priced at $31 each on Monday.
North Carolina-based NCino raised about $250 million in an upsized IPO of 8.1 million shares. The company had initially planned to offer 7.6 million shares at $22 to $24 each, but later revised that price range to $28 to $29.
Backed by investors including Insight Partners and Salesforce Ventures, the company reported revenue of $138.2 million for the fiscal year through January 31, a year-over-year increase of more than 50%. Its net loss expanded about 24% YoY to $27.7 million for the same period.
Source: Pitchbook
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