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 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 ) and Winklevoss twins' Gemini 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."