(Reuters) -Shares of Gloo opened 0.6% above its initial public offering price in their Nasdaq debut on Wednesday, valuing the Christian-focused tech platform at $585.9 million.
The Boulder, Colorado-based company’s stock opened at $8.05 a share, compared with the $8 IPO price. Gloo raised $72.8 million by selling 9.1 million shares below the marketed range of $10 to $12 a share.
Religious IPOs in New York are very rare. There is no record of a flotation in this space in the past five years, according to Renaissance Capital, a provider of IPO-focused research and ETFs.
Gloo, founded in 2013, provides AI-powered tools and content to more than 140,000 faith, ministry and nonprofit leaders.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Tasim Zahid)
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