By Arasu Kannagi Basil

(Reuters) -Christian-focused tech platform Gloo was valued at $586 million as its shares opened flat in their Nasdaq debut on Wednesday, adding to a string of lukewarm listings in recent weeks.

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.

While Gloo's addressable market is large and it has posted strong growth, much of it has been driven by acquisitions such as online marketplace Outreach. The company is also yet to make a profit.

"Between the losses and the acquisitions, they're asking investors to take it on faith that management can turn the company profitable, integrate new businesses, and grow organically," said Matt Kennedy, senior strategist at Renaissance Capital.

Gloo, founded in 2013, provides AI-powered tools and content to more than 140,000 faith, ministry and nonprofit leaders.

"Churches aren't known for being the most tech-savvy when it comes to outreach and digital communications, so it may be a tough nut to crack," Kennedy said.

Pat Gelsinger, former Intel CEO and lifelong Christian, is a Gloo investor and has served on its board for nearly a decade.

In March, Gelsinger took on an expanded role at Gloo as executive chair and head of technology.

Despite the lukewarm debut, Gloo's unique position as a Christian-focused stock could appeal to some conservative investors in the aftermarket.

"We've seen plenty of examples of investors being motivated by more than pure profit, and using stock purchases to promote their values, ranging from ESG to conservative causes," Kennedy said.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Tasim Zahid)