WILMINGTON – When a company goes public investors are looking for a “pop” – get in early with the bet that the stock is going to climb in value. But in New York on Tuesday morning investors swarmed the offering of shares from icloud banking startup nCino.

Shares were offered at $31 but by the official open nCino (Nasdaq: NCNO) shares soared to $71.

And the rocket-like trajectory continued, not peaking until around 1 p.m. when the price hit $74.70.

Around 3.45pm, shares soared again as high as $87.75 representing a spectacular 181% jump.

By the close shares hit $91.59 after topping out at $91.88 – up 195% for the day.

nCino completed a road show last week to investors and twice upped its share price to $31 on Monday before the IPO, a clear indication of big demand for the shares.

Investors Business Daily reported that demand was extraordinary.

Citing IPO Boutique, an IPO research and advisory firm, the IBD said the deal was “exponentially oversubscribed.”

“[T]he number of shares requested by institutional investors was more than 50 times higher than what’s being made available,” IBD pointed out IPO Boutique as having reported.

The firm expects to raise some $250 million, more than double the initial $100 million the firm talked about in its Initial Public Offering, or IPO, on June 22.

Earlier the revised range for the stock was $28 to $29.

A $2.8B company

“The pricing gives the company a market value of about $2.8 billion,” according to private equity news site PitchBook.

The $31 price marks the second upward revision in share price since the plans for the IPO were announced.

Some 8 million shares were offered, and the underwriters of the offering have a 30-day option to purchase another 1.2 million shares.

nCino was launched nine years ago.

Last week, an analyst saw the pricing of $24 – at that time – as reasonable based on the cloud banking company’s financial performance to date.

“[nCino] has produced a strong revenue growth rate, is making a path toward profitability, has low operational cash burn, high dollar-based net retention rate and strong industry prospects, and the IPO appears reasonably valued, although not cheap,” wrote Donovan Jones at financial news site SeekingAlpha.

In its prospectus, nCino says it has 21 customers paying more than $1 million for services among more than 160 customers paying $100,000 or more.