Gloo seeks US$109m in Nasdaq IPO
Gloo Holdings is seeking to raise up to US$109.2m from its Nasdaq IPO to help grow “one of the largest, oldest and least-digitized ecosystems in the world”.
Gloo wants to tap into the over 200m people identified as Christians in the US and the US$245bn annual revenue raised among faith organisations, US$170bn of which does not go through congregations.
Roth Capital Partners is sole bookrunner on the sale of 9.1m shares marketed at US$10─$12. The bank publicly launched marketing Tuesday morning with pricing expected around the middle of this coming week.
As a contingency for the US government not reopening, Gloo pre-registered an additional 2.1m shares to accommodate an upsize, in addition to the standard 15% greenshoe. It also reserved 5% of the offering for friends and family, including “persons and parties who do business with us”.
“Around the world, billions of dollars are invested every day, often without regard for values or long-term impact,” said co-founder and CEO Scott Beck in the listing document. “An investment in Gloo is different. Gloo is shaping both technology and capital for good, ensuring resources flow with purpose.”
Gloo is planning to use the proceeds to bolster capital as well as for potential acquisitions.
The Boulder, Colorado-based company offers faith-based enterprise subscription software solutions to churches, frontline organisations they serve and faith-based education or service providers like Indiana Wesleyan University and Right Now Media.
It aims to provide a single, online entry point for resources designed to help a pastor or ministry leader grow and operate his or her church or ministry, including AI-generated sermon resources for churches and social outreach content for church staff, as well as technical support in legal, tax and risk management.
In Q2, Gloo acquired marketing technology and donor engagement provider Masterworks.
In the first six months ended July 31, the company generated a net loss of US$54.9m on revenue of US$32.5m, ending fiscal Q2 with US$112m of cash.
Beck and his Pearl Street Trust are Gloo’s largest shareholder with a combined 81.8% stake, followed by Thrivent Financial at 7.4%.