A US-based banking software fintech company nCino has raised its IPO price range.
The banking software company now expects to sell its shares for between USD 28 and USD 29 per share, far more than its initial price range of USD 22 to USD 24 per share, according to TechCrunch. At its new per-share price interval, nCino is worth from USD 2.50 billion to USD 2.59 billion.
The valuation makes more sense for the company, given its growth rate, revenue scale and how the market is currently valuing similar companies, the online publication added.
With its new IPO price range, nCino’s implied revenue multiple is 14x to 14.5x, figures that seem far closer to present-day norms. Now the question for nCino is expected to price and trade next week, and the question is whether it can price above its raised range. Given some recent historical precedent, a USD 1 per-share price beat above its raised interval would not be a shock, TechCrunch concluded.
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