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…