Pattern Group, an online reseller that partners with consumer brands to accelerate their growth, raised $300 million by offering 21.4 million shares (50% secondary) at $14, the midpoint of the range of $13 to $15. At pricing, Pattern commands a fully diluted market value of $2.6 billion.
Pattern calls itself "the pioneer of ecommerce acceleration" with its own proprietary technology platform powered by AI and machine learning, which executes thousands of optimizations daily in order to better sell tens of thousands of products on marketplaces around the world. The company mainly generates revenue by purchasing products from its brand partners (e.g. Gaia, Bosch, Tumi, LifeScan) and selling those products to consumers on global marketplaces (e.g. Amazon, Walmart, TMall). In the latest fiscal year, 94% of revenue came from Amazon.com and Amazon international marketplaces; 93% of revenue was US-based.
Pattern Group plans to list on the Nasdaq under the symbol PTRN. Goldman Sachs, J.P. Morgan, Evercore ISI, Jefferies, Baird, BMO Capital Markets, KeyBanc Capital Markets, Needham & Co., Stifel, and William Blair acted as joint bookrunners on the deal.
