Summer 2020 has featured a red-hot US IPO market, and nCino (NCNO) added to the heat on Tuesday, soaring 195% on its debut. That is the biggest IPO pop for a US tech company since August 2000. Including foreign tech issuers, nCino places second, behind Baidu, which popped 354% on its 2005 Nasdaq listing.
nCino priced at $31, opened for trading at $71 (+129%) and finished at $91.59 (+195%). Several signs pointed to a strong open, including the fact that nCino accelerated pricing by a day, raised the range, and then priced $2 above the raised range. Additionally, our IPO Poll takers ranked it highly.
Broader IPO market returns have also roared back since the COVID-19 plunge, with the Renaissance IPO Index up 37% year-to-date, compared to -1% for the S&P 500.
Despite the IPO window re-opening in June, most of the activity has been in the biotech space, and public investors have largely been starved for high-quality US tech IPOs. nCino was only the year’s...
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