Pattern Group, one of the largest resellers on Amazon, officially made its public market debut on Nasdaq Friday, posting a modest gain in its first trading session.
Listed under the ticker “PTRN”, shares opened at $13.50, slightly below the $14 IPO price, but later climbed to close at $15.63, up 11% on the day.
The initial public offering raised $300 million, giving Pattern a market valuation of about $2.5 billion.
Founded in Utah in 2013 by husband-and-wife duo David Wright and Melanie Alder under the name iServe Products, the company rebranded to Pattern in 2019. Today, it ranks as the No. 2 Amazon seller in the U.S. based on customer reviews, according to research firm Marketplace Pulse.
Pattern describes itself as an “ecommerce accelerator,” supporting more than 200 global brands in boosting sales on marketplaces including Amazon, Walmart, Target, and TikTok Shop. It offers tens of thousands of products across categories such as health and wellness, electronics, beauty, and personal care. Brand partners include Nestlé, Panasonic, and Skechers.
Pattern’s debut comes amid a wave of new tech listings after a long lull. Ticket reseller StubHub went public on the New York Stock Exchange earlier in the week, while fintech giant Klarna and crypto firm Gemini also entered the market recently. Other high-profile players like Bullish, Figma, and Circle have followed suit.
In the second quarter of 2024, Pattern reported $598.2 million in revenue, a 39% increase year over year. Net income rose to $16.4 million, compared with $11.3 million a year earlier, while operating income reached $30.1 million, up from $23.1 million.
The company’s growth, however, remains heavily tied to Amazon. Pattern disclosed that 94% of its 2024 revenue came from consumer product sales on Amazon, with the majority generated in the U.S.
In its prospectus, Pattern flagged heavy dependence on Amazon as its top risk. Any policy changes, restrictions, or regulatory challenges at Amazon could significantly impact its business.
The company also acknowledged global trade tensions as a major factor. Ongoing tariff threats from President Donald Trump have rattled markets in recent months, delaying Pattern’s IPO plans.
CEO David Wright told CNBC: “In this industry, you can’t avoid playing with Amazon. As long as you follow the rules, they’ve been a strong partner for us.”
Despite challenges, Pattern’s successful IPO strengthens its position as one of the largest Amazon resellers and provides capital for further expansion. Analysts suggest that the listing also reflects renewed investor confidence in the technology IPO market heading into 2025.
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