(Reuters) -Pattern and its existing shareholders raised $300 million in its U.S. initial public offering on Thursday, after the e-commerce firm priced its shares within the marketed range.
This would give the Lehi, Utah-based company a valuation of $2.5 billion. The company had intended to price its IPO between $13 and $15, according to its prospectus.
Activity in the U.S. IPO market has shown a significant rebound, with equity markets showing strength and President Donald Trump’s tariff woes starting to ease. Investors have flocked to fresh offerings, giving some big names overwhelming debuts in recent weeks.
Swedish fintech firm Klarna and the Winklevoss twins’ cryptocurrency exchange Gemini saw shares jump in their market debuts, reflecting strong investor interest across sectors.
Founded as iServe in 2013 by David Wright and Melanie Alder, Pattern is a so-called e-commerce accelerator that helps brands grow faster across hundreds of global marketplaces such as Amazon, Walmart, Target, eBay, TikTok Shop and Mercado Libre.
Goldman Sachs and J.P. Morgan are the lead underwriters for the offering. Pattern will list on the Nasdaq on Friday under the “PTRN” symbol.
(Reporting by Pritam Biswas, Harshita Meenaktshi and Gusimran Kaur in Bengaluru; Editing by Alan Barona)
Comments