North Carolina-based nCino, which has developed a cloud-based operating system for financial institutions, publicly filed a Form S-1 for an initial public offering with the U.S. Securities and Exchange Commission.
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In a press release issued on Monday morning, nCino said it has not yet determined the number of shares or the price range for the offering. The company intends to list its common stock on the Nasdaq Global Select Market under the ticker symbol “NCNO.”
Founded in 2012, nCino has raised $213.2 million in venture-backed funding to date, according to Crunchbase data. Its most recent raise was an $80 million venture round led by T. Rowe Price Associates Inc.
The company said it works with more than 1,100 financial institutions globally whose assets range in size from $30 million to $2 trillion.
The IPO filing reveals sharply growing revenue paired with modestly increasing losses. The company had revenue of $138.2 million in its last fiscal year, which ended in January. That’s a sharp increase from the $91.5 million in revenue posted for the prior fiscal year. Meanwhile, nCino posted a net loss of $27.7 million in its most recent fiscal year, a slight increase from its $22.3 million loss in the year-ago period.
Illustration: Li-Anne Dias