nCino Revises IPO Price Range, Signaling Strong Market Confidence
Fintech leader nCino has significantly increased its IPO price range, reflecting robust investor demand. The North Carolina-based banking software company now plans to offer shares between \(28 and \)29—a substantial jump from its initial \(22-\)24 target range.
Key Financial Implications:
- Valuation surge: \(2.5B-\)2.59B (up from \(1.96B-\)2.14B)
- Revenue multiple adjustment: 14x-14.5x (previously 11x-12x)
- Market positioning: Aligns with current SaaS valuation trends
Why This Valuation Makes Sense
nCino’s revised pricing reflects its strong financial trajectory:
Growth Metrics:
- 50% YoY revenue growth (Q1 2019 to Q1 2020)
- $178.9 million annualized run rate
Financial Health:
- Relatively modest GAAP losses for a SaaS business
- Operating cash burn increased from \(4.6M (FY2019) to \)9M (FY2020)
“Given nCino’s growth rate, even the revised 14x-14.5x revenue multiple appears conservative compared to market standards for high-performing SaaS companies.” - TechCrunch Analysis
What’s Next for nCino?
The company is expected to:
- Finalize pricing next week
- Potentially exceed the raised range based on market momentum
- Begin trading alongside GoHealth’s anticipated IPO
Market Context:
This development comes during:
- A strong period for fintech IPOs
- Increased investor appetite for cloud banking solutions
- Upcoming earnings season creating additional market volatility
Industry analysts will be watching closely to see if nCino can capitalize on this positive momentum as it enters the public markets.
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