Christian tech Gloo prices IPO below range
Gloo Holdings raised a less-than-expected US$72.8m as the Christian tech company priced its Nasdaq IPO below a marketed range.
Roth Capital Partners is sole bookrunner on the sale of 9.1m shares at US$8, two dollars below the bottom of the US$10–$12 marketing range.
Gloo launched its deal last Tuesday when the government was still shut down. As contingency, Gloo pre-registered an additional 2.1m shares to accommodate an upsize, in addition to the standard 15% greenshoe, but those were left untouched.
It also reserved 5% of the offering for friends and family, including “persons and parties who do business with us”.
Gloo shares closed on debut Wednesday 1.25% higher at US$8.10, valuing the company at a market cap of US$590m.
Gloo is using the proceeds to bolster capital as well as for potential acquisitions.
The Boulder, Colorado-based company offers faith-based enterprise subscription software solutions to the churches, frontline organisations they serve and faith-based education or service providers like Indiana Wesleyan University and Right Now Media.
Beck and his Pearl Street Trust are Gloo’s largest shareholder with a combined 81.8% stake, followed by Thrivent Financial at 7.4%.
In the six months ended July 31, the company incurred a net loss of US$54.9m on revenue of US$32.5m, ending fiscal Q2 with US$112m of cash.