Despite some market chop, the US IPO market is still active, with fresh debut nCino pricing above its elevated price range, and Jamf moving to start its pricing process after filing to go public at the end of June. In addition to the pricing news, yesterday evening saw e-commerce software company BigCommerce commence its own IPO journey.
For the banking software company, its final IPO price of $31 per share means that it raised more capital than expected, filling its coffers and providing nCino with more operational flexibility. Pricing above a raised range is a strong result for any company in any market.
Let’s first examine the nCino news — TechCrunch is speaking to its CEO later today — and follow it with notes on the Jamf IPO price range to better understand where the Apple-focused IT shop is aiming to price its equity in its own public offering. Both data points should help us understand the current IPO climate of today, a key market to track as unicorns like Coinbase, Airbnb, DoorDash and others that have either filed or are reported to be eyeing a public debut.
nCino’s strong pricing run
When nCino first set a price range for its IPO, the $22 to $24 per-share interval felt modest. TechCrunch wrote at the time that it would “not be a shock [if] nCino targets a higher price interval for its shares before it formally prices.” We did not expect that the company would be able to do even better than that, however.