Pattern Aims for $2.64 Billion Valuation in U.S. IPO

Lehi, Utah – Pattern, an e-commerce firm, announced it is seeking a valuation of up to $2.64 billion in its initial public offering (IPO) in the United States. This announcement comes as a sign of a recovering IPO market.

The company, alongside some existing shareholders, plans to offer 21.4 million shares priced between $13 and $15 each, aiming to raise up to $321 million. Pattern’s push to go public follows a resurgence in U.S. IPO activity, fueled by the successful launches of companies like Figma and Circle.

Pattern’s proposed valuation marks an increase from the $2 billion valuation achieved during a funding round in 2021, where it raised $225 million under the leadership of investment firm Knox Lane. Founded in 2013 by David Wright and Melanie Alder, the company initially operated as iServe.

As an e-commerce accelerator, Pattern helps brands expand quickly across various global marketplaces, including Amazon, Walmart, Target, eBay, TikTok Shop, and Mercado Libre. The company has grown significantly, transitioning from selling goods from a living room to becoming one of the top Amazon resellers worldwide. In fact, more than 90% of its revenue for 2024 is expected to come from consumer product sales on Amazon.

Market research firm Statista projects the global e-commerce market revenue will reach around $8.3 trillion by 2025, with 4 billion users anticipated by 2030. Goldman Sachs and J.P. Morgan serve as the lead underwriters for Pattern’s offering, which will be listed on Nasdaq under the symbol ‘PTRN’.