What is Gloo and when did it go public?

Gloo is a Christian-focused tech platform that provides AI tools for faith leaders. Its shares debuted on Nasdaq on Wednesday, November 19th.

What was Gloo's initial valuation on Nasdaq?

Upon its Nasdaq debut, Gloo was valued at $585.9 million, with shares opening at $8.05.

How rare is a religious IPO like Gloo's?

Religious IPOs are very rare; there's no record of one in this space in the past five years.

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Rare Religious IPO: Gloo Lists on Nasdaq

19 Nov

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Summary

Gloo's shares opened trading on Nasdaq on Wednesday.
The Christian-focused tech platform was valued at $585.9 million.
Gloo raised $72.8 million in its IPO, selling shares below the target range.

Rare Religious IPO: Gloo Lists on Nasdaq

Gloo, a tech platform dedicated to Christian faith communities, made its Nasdaq debut on Wednesday, November 19th. The company's shares opened trading at $8.05, a slight increase from its $8 initial public offering price, reflecting a market valuation of $585.9 million. This event marks a notable moment, as religious-themed IPOs are exceptionally rare in the New York market.

The Boulder, Colorado-based Gloo successfully raised $72.8 million through the sale of 9.1 million shares. However, the offering priced below its intended range of $10 to $12 per share. Founded in 2013, Gloo offers AI-powered tools and digital content to over 140,000 faith leaders, ministries, and nonprofit organizations.

This debut highlights a unique niche in the technology and investment sectors. The scarcity of similar religious IPOs in recent years, with no recorded instances in the past five years, underscores Gloo's distinctive market position. The company's technology aims to support and empower leaders within faith-based organizations.

Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.