Pattern Group, one of the leading resellers on Amazon, took the plunge into the public markets on Friday, and saw its stock slip in its Nasdaq debut.

Trading under the ticker “PTRN,” the stock opened at $13.50 after the company sold shares at $14 in its IPO, the middle of the expected range. Pattern’s offering raised $300 million, with half the proceeds going to investors, and valued the company at about $2.5 billion.

The Utah-based company was founded by husband and wife duo David Wright and Melanie Alder in 2013 as iServe Products before changing its name to Pattern in 2019. Pattern currently ranks as the No. 2 Amazon seller in the U.S., based on the number of customer reviews, according to research firm Marketplace Pulse.

The company describes itself as an “ecommerce accelerator” that helps more than 200 brands optimize their sales on online marketplaces like Amazon, Walmart, Target and TikTok Shop. It sells tens of thousands of products across categories ranging from health and wellness, consumer electronics, as well as beauty and personal care. Some of its brand partners include Nestle, Panasonic and Skechers.

The tech IPO market has roared back to life in recent months after an extended dry spell. Ticket reseller StubHub debuted on the New York Stock Exchange on Wednesday, though its stock dropped in its first two days of trading. Online lender Klarna and Gemini, the crypto firm founded by Cameron and Tyler Wiklevoss, started trading last week. Peter Thiel-backed cryptocurrency exchange Bullish, design software company Figma and stablecoin issuer Circle have also recently hit the market.

In the second quarter, Pattern reported revenue growth of 39% from a year earlier to $598.2 million. The company recorded net income of $16.4 million in the second quarter, compared with $11.3 million a year earlier. Operating income came in at $30.1 million for the period versus $23.1 million in the same period last year.

The company competes with millions of merchants who hawk their wares on Amazon’s sprawling marketplace, where third-party vendors now account for more than half of all goods sold on the site. Pattern said 94% of its 2024 revenue came from consumer product sales on Amazon, with a “substantial majority” in the U.S.

Pattern isn’t the first Amazon seller to pursue an IPO. Pharmapacks, once the top U.S. Amazon seller, eyed going public via a special purpose acquisition company in 2021, before nixing those plans and filing for bankruptcy a year later.

Pattern is hitting the market at a time of major global trade uncertainty, a factor it acknowledged in its prospectus. President Donald Trump‘s tariff threats against trade partners have, for the past five months, sent shockwaves through markets and shaken businesses globally.

“There is significant uncertainty as to the potential actions of the U.S. government with respect to international trade policy and the impact of tariffs, particularly with respect to trade between the United States and China,” Pattern wrote in the filing.

Pattern said the tariffs and trade tensions between the U.S. and China could negatively impact demand for its products, or harm its ability “to sell brand partner products at prices consumers are willing to pay.”

CEO David Wright told CNBC in an interview on Friday that the company was trying to hold its offering “a few months ago,” but delayed because of the tariffs, which were first announced in April. Klarna and StubHub put their IPOs on hold after the market plummeted on Trump’s initial announcement.

But the company’s top risk, according to its prospectus, is its reliance on Amazon and what can happen if the ecommerce giant makes significant alterations.

Pattern said that should Amazon restrict its ability to sell products, terminate the relationship or see any big changes due to litigation or regulation, it “could adversely affect our continued growth, financial condition and results of operations.”

Wright said the Amazon challenge is unavoidable.

“No matter what you’re doing in this space, you’re going to be playing with them,” Wright said. As for Amazon suspending certain brands and sellers, “so long as you stay within the line, they’ve been a great partner for us,” he said.

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