Gloo Holdings Aims for $873.4 Million IPO Valuation

Boulder, Colorado — Gloo Holdings, a technology firm focused on religious organizations, is targeting a valuation of up to $873.4 million in its initial public offering (IPO). The company announced its plans in a filing on Thursday, highlighting renewed interest in new market entries.

The firm hopes to raise as much as $109.2 million by selling 9.1 million shares priced between $10 and $12 each. This comes after a rebound in U.S. IPOs in September, which saw prominent companies like the fintech firm Klarna and the Winklevoss twins’ Gemini successfully attract investors.

Despite a temporary setback due to a U.S. government shutdown that affected some IPO timelines, executives and analysts remain optimistic about a resurgence in market activity.

Founded in 2013, Gloo provides technology tools tailored for Christian churches and various faith groups. Earlier this year, the company appointed Pat Gelsinger, the former CEO of Intel, as executive chairman and head of technology. Gelsinger’s role involves helping Gloo develop AI solutions, including chatbots and virtual assistants.

Previously leading VMware, Gelsinger exited Intel last year after conflicts over his strategic vision with the board. Gloo raised $110 million in growth funding last year to enhance its AI initiatives, which include chatbots designed to offer Bible-based responses through a “safe search” feature.

For the six months ending July 31, Gloo reported a net loss of $69.8 million attributable to shareholders. Roth Capital Partners is managing the offering, with Gloo’s shares expected to be listed on the Nasdaq under the ticker symbol “GLOO.”