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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…
