NCino, Bank-Solutions Provider, Sees Shares Double After IPO

NCino, offering operating-system solutions for banks and financial institutions, saw its shares more than double in their first day of trading.
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NCino, offering operating-system solutions for banks and financial institutions, saw its shares more than double in their first day of trading.

The Wilmington, N.C., fintech went public at $31 a share, ahead of the estimated price range of $28 to $29 a share. 

At last check the shares were trading at $83.80.

The company sold 8.1 million shares to raise $250 million. That was up from the company's original plan to offer 7.6 million shares. 

The underwriters also have a 30-day option to buy an additional 1.2 million shares.

The company says it will use the funds for general purposes. 

Bank of America and Barclays led a team of seven banks that acted as bookrunners for the offering.  

NCino provides an operating system that is used by TD Bank, Santander, Navy Federal Credit Union and others. It was founded in 2011 by a team of bankers. 

The company says it works with more than 1,100 financial institutions globally with assets ranging from $30 million to $2 trillion. 

NCino says its bank operating system improves employee efficiency while enhancing the customer experience "across all lines of business."

It has been a busy summer for market debuts and there's more to come. 

Last week, Quicken Loans and Rocket Mortgage owner Rocket Cos. filed for an initial public offering, with the mortgage provider owned by Dan Gilbert disclosing annual profits over the past three years.

The Detroit company, which describes itself as the largest U.S. retail mortgage lender, said it earned $97.7 million on revenue of $1.8 billion in the three months ended March 31, compared with a loss of $299 million on revenue of $727 million for the year-earlier period.