nCino, Inc. (NCNO) Announces Upsizing and Pricing of Secondary Offering of Common Stock

nCino upsizes its previously announced 5.5 million common stock shares to 6.7 million in a secondary public offering.

Recently, nCino Inc. (NCNO) reported that it has upsized and priced its prior announced secondary public offering of the common stock shares which are to be sold by certain of the stockholders of the company.

nCino on October 5 announced the secondary public offering of 5.5 million common stock which has now be increased to almost 6.7 million. The stockholders will sell the shares at a per-share price of $72. The company will not receive any gross proceeds from the offering as it is not selling any shares.

Previously it was reported that certain of the selling stockholders have granted a 30-day option to the underwriters to buy 8.25 million additional shares at the public offering price, excluding underwriting expenses and discounts. The additional buying option of shares has been upsized to 1 million shares.

The offering is being made through a prospectus to be filed with the SEC that will be available on the SEC website. Copies of the final prospectus would be available after the filing and could be obtained from BofA Securities, which is acting as the lead book-running manager along with Barclays.

Among the other book-running managers for the offering include Truist Securities, KeyBanc Capital Markets, Raymond James, Piper Sandler, and Macquarie Capital.

nCino has already filed a registration statement with the SEC related to the securities, which was made effective on Oct 7, 2020. The company expects the offering to close on October 13, 2020, based on the satisfaction of customary closing conditions.

The stock price of nCino made a spike in yesterday’s trading session rising as high as $76.57. NCNO kicked off today’s session on a slightly negative side after trading down in the premarket. However, it has gained the momentum once again after starting the day at $74.80 and currently, it is trading at $78.26 up by 2.61%, as of 11:22 A.M. EDT.

During the past week, NCNO constantly dropped its price and reached as low as $68.86 on Oct 7 after trading around $78 price mark on October 2 when the company announced Arbuthnot Specialist Finance Limited (ASFL) is using nCino Bank Operating System to support its financing system with a dynamic and flexible approach to real estate funding through modern technology and relationships.

The Joint MD at Arbuthnot Specialist Finance, Shoaib Bux highlighted that nCino’s Bank Operating System provides them with different digital solutions to serve their financing needs. He said:

“The nCino platform has provided us the digital capabilities needed to effectively serve the needs of our borrowers despite the challenges caused by the ongoing pandemic.”

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