Banking technology company nCino has finally gone public, with the price of its shares skyrocketing in its first day of trading.
The initial public offering (IPO) saw nCino unleash 8.06 million shares of its common stock. These shares started out being priced of $31.00 per share, up from the price range of $22 to $24 per share reported last week.
During the first day of trading on the Nasdaq under the ticker NCNO, the price of the stock jumped to $83.01 at one point, before dropping to $78.65 at the close of the trading day.
Although, after-hour trading saw the share price spike again to $90.
Apart from the common stock, underwriters have been granted a 30-day option to purchase up to 1.209 million additional shares at the IPO price less underwriting discounts and commissions.
Founded in 2012, nCino has raised $213.2m in venture-backed funding to date, according to Crunchbase data.
The FinTech company most recently raised $80m in a funding round in October 2019, led by T. Rowe Price Associates, the asset management firm.
With nCino going public, it seems as if the IPO season is truly in full swing, with InsurTech Lemonade starting to trade on the Nasdaq at the beginning of July. Like nCino, its first day of trading can be deemed a success with its shares soaring 138% on the day.
Payment technology company Marqeta is rumoured to also be vying an IPO, although you may have to wait until 2021 to see it go public.
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