US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pattern-group-inc" target="_blank" data-smartkarma-citation="entities:45710:1" rel="noopener">Pattern Group (PTRN US)</a> went public on 19 September 2025 on Nasdaq and has a current market cap of more than $3bn.</li>
<li>Inclusion in US indices is expected in December 2025 and June 2026, with the lock-up expiry increasing public voting rights above the minimum requirement. .</li>
<li>Partial Global index inclusion is expected in February 2026 only if the greenshoe is exercised as it increases free float above the minimum requirement.</li>
</ul>



Pattern Group (PTRN US) went public on 19 September 2025 on Nasdaq and has a current market cap of more than $3bn.
Inclusion in US indices is expected in December 2025 and June 2026, with the lock-up expiry increasing public voting rights above the minimum requirement. .
Partial Global index inclusion is expected in February 2026 only if the greenshoe is exercised as it increases free float above the minimum requirement.


Pattern Group (PTRN US): US Index Inclusion Strengthens Post IPO Lock-Up

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>The e-commerce accelerator priced 21.4 million shares at $14.00, the midpoint of the range, raising just under $300 million.</li>
<li>Shares opened slightly below issue at $13.50, down 3.6% at the first trade but buyers quickly stepped in to stabilize the stock and finish 11.6% above issue.</li>
<li>The stock’s ability to recover from a weak open and close well above issue indicates see value in this company. </li>
</ul>


The e-commerce accelerator priced 21.4 million shares at $14.00, the midpoint of the range, raising just under $300 million.
Shares opened slightly below issue at $13.50, down 3.6% at the first trade but buyers quickly stepped in to stabilize the stock and finish 11.6% above issue.
The stock’s ability to recover from a weak open and close well above issue indicates see value in this company. 


Pattern Group IPO: From Shaky Open to Strong Close as Buyers Step In

<ul>
<li>Pattern Group will will offer 21.4 million shares at $13–$15, set to debut Friday, September 19.</li>
<li>According to our sources, the deal is classified as well-oversubscribed with early 1-on-1 conversions. </li>
<li>At the $14.00 midpoint, Pattern is targeting an enterprise value of around $2.5bn, valuing it at a mid-teens multiple of expected Ebitda for 2026.</li>
</ul>


Pattern Group will will offer 21.4 million shares at $13–$15, set to debut Friday, September 19.
According to our sources, the deal is classified as well-oversubscribed with early 1-on-1 conversions. 
At the $14.00 midpoint, Pattern is targeting an enterprise value of around $2.5bn, valuing it at a mid-teens multiple of expected Ebitda for 2026.


Pattern Group Inc. (PTRN): Profitable and a Potential Discount to Peers Highlights IPO Bull Case

<ul>
<li>Pattern Group will offer 21.4 million shares at $13-$15 and will debut on Friday, 9/19. The high end of the range values the company at $2.6b.</li>
<li>They had revenues of $841.3 million and $1.138.6 billion and net income of $35.5 million and $46.6 million in the first half of 2024 and 2025, respectively.</li>
<li>A profitable ecommerce company is a business that Wall Street can easily digest. </li>
</ul>


Pattern Group will offer 21.4 million shares at $13-$15 and will debut on Friday, 9/19. The high end of the range values the company at $2.6b.
They had revenues of $841.3 million and $1.138.6 billion and net income of $35.5 million and $46.6 million in the first half of 2024 and 2025, respectively.
A profitable ecommerce company is a business that Wall Street can easily digest. 


Pattern Group Inc. (PTRN): E-Commerce Accelerator Sets Terms Seeking up to $2.6b Valuation

<ul>
<li>The company that optimizes and automates key levers of ecommerce growth, including advertising, content creation and management, pricing, forecasting and customer service filed for an IPO on August 22nd.</li>
<li>They had revenues of $990.5 million, $1.366.4 billion, and $1.796.2 billion and net income (loss) of ($2.98 million), $19.83 million, and $42.49 million in 2022, 2023, and 2024, respectively.</li>
<li>The intersection of AI and ecommerce is one that the market is highly likely to embrace. We believe this IPO is likely to be well received. </li>
</ul>


The company that optimizes and automates key levers of ecommerce growth, including advertising, content creation and management, pricing, forecasting and customer service filed for an IPO on August 22nd.
They had revenues of $990.5 million, $1.366.4 billion, and $1.796.2 billion and net income (loss) of ($2.98 million), $19.83 million, and $42.49 million in 2022, 2023, and 2024, respectively.
The intersection of AI and ecommerce is one that the market is highly likely to embrace. We believe this IPO is likely to be well received. 


Pattern Group Inc. (PTRN): Peeking at the IPO Prospectus of AI Driven, E-Commerce Accelerator

United States

Pattern Group Inc. provides software solutions. The Company develops a platform that acquires inventory from brand partners to sell to consumers, enabling full control over content, pricing, logistics, and customer service. Pattern Group operates globally.

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Pattern Group (PTRN US)