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Gloo, Led by Ex-Intel CEO Gelsinger, Seeks $873.4 Million Valuation
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Heartspace News Desk
•Source: Reuters
TL;DR
Gloo Holdings, a tech firm focused on religious organizations, has filed for an IPO aiming for up to $873.4 million valuation, seeking to raise $109.2 million by offering shares at $10-$12 under the "GLOO" ticker on Nasdaq. Despite securing $110 million in funding in 2023 and appointing Pat Gelsinger as its Head of Technology, Gloo experienced a $69.8 million net loss in the first half of 2023.
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Key takeaways
- Gloo Holdings, a technology company specializing in solutions for religious organizations, has filed for an initial public offering (IPO) seeking a valuation of up to $873
- The company aims to raise a maximum of $109
- 2 million by offering 9
Gloo Holdings, a technology company specializing in solutions for religious organizations, has filed for an initial public offering (IPO) seeking a valuation of up to $873.4 million. The company aims to raise a maximum of $109.2 million by offering 9.1 million shares at an anticipated price range of $10 to $12 per share. Gloo intends to list its common stock on the Nasdaq Stock Market under the ticker symbol "GLOO."
The company, which provides technology tools primarily for Christian churches, has appointed Pat Gelsinger, former CEO of Intel and VMware, as its Head of Technology and Executive Chairman. In 2023, Gloo secured $110 million in growth funding to enhance its artificial intelligence (AI) capabilities, including the development of Bible-based chatbot technology. However, the company's financial results for the six months ending July 31 reflected a net loss attributable to common members/shareholders of $69.8 million.
Related Topics
GlooIPOPat Gelsingertechnologyreligious organizations
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