It’s IPO season in the United States, despite market volatility in recent months and historical blockers like an impending election. Given the public market’s return to form since March lows — paticularly the
outperformance of the Nasdaq index
and other tech shares
— some venture-backed companies are trying to get out while the new offerings are welcome.
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Used-car marketplace
Vroom
is an example of this phenomenon
, along with ZoomInfo’s recent IPO
. Vroom priced at $22 and is now worth more than $50 per share, while ZoomInfo
priced at $21 per share and is worth just less than $50 per share today.
So things are looking good for debuts. Heck, even Airbnb is
making noise
about still going public this year. So it’s no surprise that we’ve seen a few S-1 filings tossed around after what we’ve seen thus far from insurtech player Lemonade
. Today let’s dig into the numbers from two such companies: banking software company nCino
and GoHealth
, an insurance portal that was bought by a private equity firm last year.
(Recall that we’ve covered venture-backed insurance marketplaces
quite a lot this year.)
The companies, one based in North Carolina and one based in Illinois, are a break from our usual New York and Silicon Valley fare. Here, then, is a little more evidence that you can build a public company anywhere in America.
nCino
Founded in 2011, nCino is a Wilmington, North Carolina-based banking software provided that raised
a little over $213 million
while private, according to Crunchbase data. In its own words, nCino is a “bank operating system.” Given how much we’ve written lately about fintech
, this is right up our alley.
The company
filed to go public earlier this week
, showing an ownership table that includes Insight Partners, Salesforce Ventures — Salesforce’s tech helps power nCino, its website says — and Wellington Management as external owners. Insight owns the largest piece, controlling around 46.6% of the company’s shares.