Gloo Holdings is embarking on an initial public offering (IPO) that may value the company at approximately $873.4 million. The religious-oriented technology firm, based in Boulder, Colorado, aims to raise $109.2 million by selling 9.1 million shares, with a projected price range of $10 to $12 per share. This move highlights a growing momentum for new offerings in the U.S. market.
Leadership and Technology Vision
The company has appointed former Intel CEO Pat Gelsinger as its head of technology and executive chairman. Gelsinger’s role will focus on enhancing Gloo’s AI development, which includes creating virtual assistants and chatbots tailored for Christian churches and other faith-based organizations.
Background of Gloo Holdings
Founded in 2013, Gloo has made significant strides in the tech space for faith communities. The firm specializes in technology tools that aid churches in their outreach and community engagement efforts. In the previous year, Gloo secured $110 million in growth funding aimed at advancing its AI initiatives.
Financial Performance and Market Trends
Despite its ambitious goals, Gloo reported a net loss of $69.8 million for the first half of the fiscal year, concluding July 31. The current IPO comes as the U.S. market shows signs of recovery, with notable increases in activity following a quiet period. The government shutdown briefly stymied this momentum, but investor interest has been reignited with successful launches from well-known tech names.
Looking Ahead
Roth Capital Partners is acting as the sole book-running manager for the IPO. Shares are expected to be listed on Nasdaq under the ticker symbol “GLOO.” The introduction of innovative products such as chatbots with biblical responses positions Gloo favorably within its niche.
- IPO Valuation: Up to $873.4 million
- Shares Offered: 9.1 million
- Price Range: $10 – $12 per share
- Net Loss: $69.8 million for H1
- Founded: 2013
- Investment Last Year: $110 million in growth funding
With Pat Gelsinger at the helm of its technology strategy, Gloo is poised for growth and innovation in the tech landscape for faith organizations.
