Ecommerce firm Pattern valued at $2.4 billion as shares fall in Nasdaq debut

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Ecommerce accelerator Pattern Group on Friday notched a valuation of $2.38 billion as its shares fell 3.6% in their Nasdaq debut, bucking the recent trend of strong first-day IPO performances.

The Lehi, Utah-based company’s stock opened at $13.50, compared with its offer price of $14.

Pattern and some of its existing shareholders raised $300 million by selling 21.4 million shares, compared with its marketed price range of $13 to $15 apiece.

The debut came against the backdrop of a busy IPO window, where Swedish fintech Klarna and blockchain lender…



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Ecommerce firm Pattern valued at $2.4 billion as shares fall in Nasdaq debut



Ecommerce accelerator Pattern Group on Friday notched a valuation of $2.38 billion as its shares fell 3.6% in their Nasdaq debut, bucking the recent trend of strong first-day IPO performances.

The Lehi, Utah-based company’s stock opened at $13.50, compared with its offer price of $14.

Pattern and some of its existing shareholders raised $300 million by selling 21.4 million shares, compared with its marketed price range of $13 to $15 apiece.

The debut came against the backdrop of a busy IPO window, where Swedish fintech Klarna and blockchain lender…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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