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Unpacking the nCino and GoHealth IPO filings

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.

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