Pattern Shares Begin Trading on Nasdaq, Raising $300 Million in IPO

Pattern, the Lehi-based ecommerce accelerator, made its Wall Street debut this week, pricing its initial public offering at $14 per share under the ticker symbol PTRN. The offering consisted of 21.43 million shares, split evenly between the company and selling shareholders. In total, Pattern raised $300 million, with about half of the proceeds going directly to the company to fund growth initiatives and the remainder providing liquidity for early investors. The Lehi-based company, founded in 2013, currently has a market value of approximately $2.5 billion. It employs over 2100 employees across 24 global locations.

CEO Dave Wright told TechBuzz News the company is entering this new chapter from a position of strength: “We actually had $215 million in cash on the balance sheet and zero debt going into this offering,” he said. “This was a team thing. Right now, if you think where AI would have the biggest impact, ecommerce would have to be in the top three things. We need the talent to be able to compete.”

That AI-first approach has become central to Pattern’s differentiation. When asked Wright about Pattern's key strength going into this public offering: “Without question, it’s the technology AI stack,” he said, noting that the company has invested $142 million to date in building proprietary systems, and doing so years before people were talking about AI. “We have a bigger opportunity in front of us right now with ecommerce and agentic execution. You need an environment that’s very data rich, and then you need to be able to actuate it—which we have.”

The IPO also helps reinforce Pattern’s visibility with premium global brands. “Of course that’s going to happen,” Wright said when asked if the IPO could help attract new partners. “It probably happens more than we’ll ever know about.” Pattern already works with brands such as Nestlé, Panasonic, Thorn, Kevin Murphy, Sorel, Tumi, Sakura, Wahl, Spanx, Gaia Herbs, and Host Defense, along with consumer favorites like Kong natural rubber dog toys. The company also supports Utah-based brands like fragrance tech leader, Pura.

Wright emphasized that despite its international presence—including a long-standing second headquarters in India—Pattern’s center of gravity will remain in Utah. “I don’t think there’s any better place to build a company and live,” he said, citing the state’s talent base and quality of life. “The activity level, the talent level, the sort of extraordinary level of authenticity and honesty—you get that from Utah.”

Asked about timing and smoothness of this offering, Wright said Pattern had been preparing for about a year, with its first meetings with bankers taking place last September. The IPO was delayed slightly by tariff issues earlier in 2025 but ultimately came together smoothly. “We had one little comment from the SEC that we cleared in 24 hours. So really, overall, no real hitches,” Wright said.

Looking ahead, Wright sees the rapid pace of AI development as both the biggest risk and the biggest driver of Pattern’s future growth. “It is moving so quickly, I think it will be the single biggest disrupter on companies, and the single biggest driver for companies as well,” he said. “We want to make it the driver, not the disruptor.”

While Pattern's shares began trading on the Nasdaq Global Select Market today, September 19, 2025, under the ticker symbol "PTRN," the offering is expected to close on September 22, 2025, subject to the satisfaction of customary closing conditions.

Goldman Sachs & Co. LLC and J.P. Morgan acted as lead book-running managers for the offering. Evercore ISI and Jefferies acted as joint book-running managers. Baird, BMO Capital Markets, KeyBanc Capital Markets, Needham & Company, Stifel, and William Blair acted as additional book-running managers. Goodwin Proctor LLC provided legal services.

To learn more about Pattern, visit pattern.com.