Gloo, with former Intel CEO Gelsinger as tech head, seeks nearly $900 million valuation in IPO

Reuters
10/31
UPDATE 1-Gloo, with former Intel CEO Gelsinger as tech head, seeks nearly $900 million valuation in IPO

Recasts paragraph 1 with valuation, adds IPO details and context throughout

Oct 30 (Reuters) - Gloo Holdings, a religious-oriented technology firm, is seeking a valuation of up to $873.4 million in its U.S. initial public offering, the company said in a filing on Thursday, underscoring a strong momentum for fresh offerings.

The company, which hired former Intel INTC.O CEO Pat Gelsinger earlier in the year, is looking to raise as much as $109.2 million in the IPO by selling 9.1 million shares priced between $10 and $12 each.

IPOs rebounded in the U.S. in September after a period of weakness, with a string of big names such as fintech firm Klarna KLAR.N and Winklevoss twins' Gemini GEMI.O testing investor appetite successfully.

The rebound was stalled by a shutdown in the U.S. government, causing short-term delays. However, analysts and executives have sent optimistic messages regarding a pickup in activity.

Gloo is a Boulder, Colorado-based firm that offers technology tools to Christian churches and other faith groups. The company hired Gelsinger as its head of technology and executive chairman, where he will help the group develop AI tools such as virtual assistants and chatbots.

Gelsinger, who also previously led VMware, left Intel last year following disagreements with the board over his turnaround strategy.

Founded in 2013, Gloo raised $110 million in growth funding last year to expand its AI efforts, including chatbots that offer a "safe search" feature and responses rooted in the Bible.

The company reported a net loss attributable to common members/shareholders of $69.8 million for the six months ended July 31.

Roth Capital Partners is the sole book-running manager for the offering, which intends to list the company's shares on the Nasdaq under the ticker symbol "GLOO."

(Reporting by Pritam Biswas in Bengaluru; Editing by Maju Samuel)

((Pritam.Biswas@thomsonreuters.com;))

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