E-commerce accelerator Pattern Group on Friday notched a valuation of $2.38 billion as its shares fell 3.6 per cent 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 Figure Technology recently grabbed headlines with strong first-day gains.

A wave of successful U.S. IPOs has helped restore investor confidence, easing worries over President Donald Trump's tariff policies that rattled markets earlier this year.

However, investors remain choosy about where to deploy capital as persistent inflation and a cooling labor market, fuel concerns about the economy's health.

"The response to recent deals shows investors are still selective, rewarding deals with convincing fundamentals and risk profiles, while others face a tougher reception." said Lukas Muehlbauer, IPOX research associate.

Pattern Group, originally founded in 2013 as iServe by David Wright and Melanie Alder, acts as an "e-commerce accelerator", combining AI-driven tools alongside inventory purchasing to help brands grow across global marketplaces.

The company purchases inventory from brand and sells it to customers on platforms like Amazon, Target, Walmart and eBay.

"Pattern's heavy reliance on Amazon for revenue makes it vulnerable to shifts in that platform's fee structures or marketplace rules," said Muehlbauer.

"The broader trade environment also remains unpredictable, with measures like the removal of the de-minimis import exemption raising costs and creating added complexity for cross-border sellers," he added.

E-commerce firm Pattern valued at $2.4 billion as shares fall in Nasdaq debut