The technology IPO market is clearly differentiated! Pattern (PTRN.US) rose more than 11% on its first day of trading, while StubHub (STUB.US) has fallen for three consecutive days by 21%.

After a long period of stagnation, the US technology IPO market has recently shown signs of recovery, but the performance of different companies has shown significant differentiation. Online ticketing platform StubHub (STUB.US) was listed on the New York Stock Exchange on Wednesday, but its listing performance was disappointing. The stock price fell another 10% on Friday to $18.46, a cumulative decrease of 21% from the IPO price of $23.50, marking the third consecutive trading day of decline. StubHub has been seeking an IPO for many years, but it has been postponed twice before. The most recent delay occurred in April this year, when US President Trump announced a large-scale tariff plan, causing intense market volatility. The company submitted an updated prospectus in August to restart the listing process. Currently, StubHub's market value has dropped from $8.6 billion at the time of the IPO to $6.8 billion. StubHub primarily generates revenue by connecting buyers with ticket resellers. In the first quarter of this year, revenue increased by 10% year-on-year to $397.6 million, but net losses widened to $35.9 million, compared to $29.7 million in the same period last year. CEO Eric Baker stated that recent US regulations on transparent ticket pricing will have a "one-time impact" on the company's finances. In addition, the US Federal Trade Commission (FTC) filed a lawsuit on Thursday against StubHub's competitor, Live Nation, the parent company of Ticketmaster, accusing them of illegal ticket reselling, which has raised concerns among investors about the regulatory outlook for the online ticketing industry. In stark contrast to StubHub, online lending company Klarna Group (KLAR.US), design software company Figma Inc (FIG.US), stablecoin issuer Circle (CRCL.US), and cybersecurity company Netskope (NTSK.US) have all recently gone public, bringing substantial returns to early investors. Another new stock has performed well. Utah-based Pattern Group (PTRN.US), a third-party seller on Amazon.com, Inc.'s platform, was listed on the Nasdaq on Friday. The IPO was priced at $14, opened at $13.5 on the first day, and closed up over 11% at $15.63, with a market value of approximately $2.5 billion. The IPO raised $300 million, with half of the funds going to investors. Pattern was founded in 2013 by David Wright and his wife Melanie Alder and was renamed Pattern in 2019. It is currently the second largest seller on Amazon.com, Inc., according to data from research firm Marketplace Pulse, with customer reviews second only to the industry leader. Pattern describes itself as an "e-commerce accelerator," providing sales optimization services on e-commerce platforms such as Amazon.com, Inc., Walmart Inc. (WMT.US), Target Corporation (TGT.US), and TikTok Shop for over 200 brands across categories such as health and wellness, consumer electronics, and beauty care. Its partners include Nestle, Panasonic, and Skechers U.S.A., Inc. Class A. Financial data shows that the company's revenue in the second quarter of this year increased by 39% year-on-year to $598.2 million, with a net profit of $16.4 million, higher than $11.3 million in the same period last year. 94% of the revenue comes from sales on the Amazon.com platform, with the vast majority coming from the US market. However, Pattern acknowledges in its prospectus that the reliance on Amazon.com is a significant potential risk. If Amazon.com limits its sales rights or adjusts platform policies, the company's growth may be impacted.