E-Commerce Group Pattern Targets $2.64B Valuation in U.S. IPO

Utah-based Pattern, an e-commerce accelerator, is preparing for a U.S. initial public offering with a potential valuation of up to $2.64 billion. The company and its existing shareholders plan to offer 21.4 million shares priced between $13 and $15 each, aiming to raise approximately $321 million. Goldman Sachs and J.P. Morgan are leading the underwriting efforts, with Pattern set to list on the Nasdaq under the ticker "PTRN."

Founded in 2013 as iServe, Pattern leverages proprietary technology, machine learning, and AI to help brands scale across major marketplaces like Amazon, Walmart, and TikTok Shop. The company reported net income of $47 million on $1.14 billion in revenue for the first half of 2024, up from $35 million on $841 million a year earlier.

The IPO marks a resurgence in public listings following an April slowdown caused by trade tariff concerns and geopolitical uncertainty. Pattern's offering signals renewed investor confidence in the e-commerce sector's growth potential.