Pattern Group Inc.’s (PTRN) shares made a weak debut on Nasdaq on Friday, listing at $13.48 apiece.
At the time of writing, Pattern’s shares were hovering at $13.12, or 6.29% lower compared to the issue price of $14.
The Utah-based e-commerce accelerator raised $300 million through an initial public offering (IPO) of 21.4 million shares.
Pattern utilizes its proprietary technology and artificial intelligence to boost the presence of brands on e-commerce platforms. The company says it uses 46 trillion data points, machine learning, and AI to optimize and automate different aspects of a brand’s presence on an e-commerce platform, including advertising, content management, logistics and fulfillment, pricing, forecasting, and customer service.
Pattern says “hundreds of global brands” use its services on various leading e-commerce platforms like Amazon, Walmart, Target, eBay, JD, and TikTok Shop, among others. According to its SEC filing, Pattern catered to over 200 brands across more than 60 global platforms.
The company reported $1.8 billion in revenue in fiscal 2024, with adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) at $101 million.
Pattern’s IPO is the latest in a growing line of companies debuting on the stock market. On Thursday, Delaware-based cybersecurity firm Netskope Inc. (NTSK) made a strong debut on Nasdaq. Earlier this month, Klarna Group Plc. (KLAR) and StubHub Holdings Inc. (STUB) made strong debuts on the New York Stock Exchange, after being delayed in the wake of an increase in market volatility in the wake of President Donald Trump’s tariff policies.
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