E-commerce firm Pattern eyes up to $2.6 billion valuation in US IPO

Audio By Carbonatix

Enlarge

(Reuters) – Pattern is seeking a valuation of up to $2.64 billion in its initial public offering in the United States, the e-commerce firm said on Wednesday, in a further sign of resurgent new listings market.

After an April slowdown tied to tariff jitters, improved trade prospects and strong investor demand for IPOs restored confidence in the new listings market.

The Lehi, Utah-based company and some of its existing shareholders are offering 21.4 million shares, priced between $13 and $15 apiece, to raise as much as $321 million.

Pattern’s move to go public rides a wave of U.S. IPO activity, spurred by the blockbuster debuts of high-profile companies such as design software maker Figma and stablecoin issuer Circle.

The company’s proposed valuation is an increase from the $2 billion valuation achieved during a 2021 funding round, in which Pattern raised $225 million, led by investment firm Knox Lane.

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.

The company has grown from selling products out of a living room into one of the top Amazon resellers globally. More than 90% of its 2024 revenue came from consumer product sales on Amazon.

The global e-commerce market revenue is projected to reach roughly $8.3 trillion in 2025, with the number of users expected to reach 4 billion by 2030, according to market research firm Statista.

Goldman Sachs and J.P. Morgan are the lead underwriters for the offering. Pattern will list on the Nasdaq under the symbol “PTRN”.

(Reporting by Prakhar Srivastava and Arasu Kannagi Basil in Bengaluru; Editing by Vijay Kishore)