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Home / Business / Cloud computing company nCino’s stock surged 154% when the trade debut

Cloud computing company nCino’s stock surged 154% when the trade debut



nCino Inc. NCNO stock,
+ 195.45%,
A manufacturer that provides financial institutions with cloud-based software providers, after the company set its initial public offering (IPO) price above the already increased price range, the first day of trading on Tuesday soared 154%. On Monday night, the IPO was priced at $31. The company’s initial price range was $22 to $24, which has been raised to $28 to $29 in recent regulatory documents. The company sold 8.06 million shares and raised $298.6 million. The company expanded its deal from the initial plan to issue 7.6 million shares. nCino stock was traded on the Nasdaq later on Tuesday under the ticker symbol “NCNO”

;. Seven banks led by Bank of America and Barclays Bank underwritten the transaction. The proceeds will be used for general company purposes and working capital. The company said in its prospectus: “We provide banks and credit unions with the technology they need to meet changing customer expectations and regulatory requirements, improve the visibility of their operations and performance, replace old systems, and use digital and more Operate in a competitive manner.”


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