Reformation launches IPO on NYSE, raises $210.9 million at $15 per share
Sustainable womenswear retailer Reformation debuted on the New York Stock Exchange on July 30, 2026, under ticker REF, pricing its IPO at $15 per share and raising $210.9 million. The Permira-backed company operates 70 stores in the US, UK, Canada, and France, with e-commerce reaching over 150 countries. Despite reporting $507.1 million in 2025 revenue and 20 consecutive quarters of double-digit growth, net profit fell to $12.6 million, and Q1 2026 showed a net loss.
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Reformation Stock Closes Marginally Above IPO Price in Muted Market Debut
Reformation Inc., a women's clothing retailer backed by private equity firm Permira, made its public debut on the New York Stock Exchange on July 30, 2026. The stock opened flat at $15 per share, the same as its IPO price, and closed at $15.08, just 8 cents above. The company offered 14.1 million shares, raising $210.9 million. The muted debut reflects a broader trend of investor fickleness toward newly listed companies in 2026, with about 49% of IPOs trading below their offer price. Other recent IPOs, including Jersey Mike's Subs and SpaceX, also struggled after initial pops. Reformation has faced past controversies, including allegations of racism in 2020 and cultural appropriation in 2025. CEO Hali Borenstein expressed confidence, stating the company is ready to scale and innovate in retail.
Reformation Makes Its Wall Street Entrance
Sustainable fashion brand Reformation debuted on the New York Stock Exchange on July 30, 2026, with shares rising 0.5% to $15.08, giving it a market capitalization of nearly $891 million. The IPO was priced at $15 per share, the low end of its range, raising nearly $211 million. CEO Hali Borenstein highlighted the brand's strength, data-driven supply chain, and 98% two-year customer retention rate. The company reported $507.1 million in revenue last year, up 15.7%, and plans to more than double its store count to over 140 within five years while expanding categories and international presence. Borenstein also noted the rarity of women leading retail companies that sell to women, calling it a competitive advantage.
Reformation IPO Debuts on NYSE at $15 Per Share
Sustainable fashion brand Reformation began trading on the New York Stock Exchange on July 30, 2026, under the ticker REF, with shares opening at $15 after pricing its IPO at $15 the prior evening. The offering of 14,062,500 shares raised $210.9 million, with proceeds going to both the company and existing stockholders. J.P. Morgan and Morgan Stanley acted as joint lead bookrunners. CEO Hali Borenstein noted that the typical customer earns over $100,000 annually, providing some insulation from retail sector headwinds. For fiscal 2025, Reformation reported net revenue of $507.1 million and net income of $12.6 million, with double-digit revenue growth for 20 consecutive quarters. The company operates 70 stores across the U.S., U.K., Canada, and France, and serves over 150 countries via e-commerce. Private equity firm Permira, which took a majority stake in 2019, will retain 49.2% ownership post-IPO.
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Reformation IPO Debuts on NYSE at $15 Per Share
Sustainable fashion brand Reformation began trading on the New York Stock Exchange on July 30, 2026, under the ticker REF, with shares opening at $15 after pricing its IPO at $15 the prior evening. The offering of 14,062,500 shares raised $210.9 million, with proceeds going to both the company and existing stockholders. J.P. Morgan and Morgan Stanley acted as joint lead bookrunners, with Citigroup and RBC Capital Markets as joint bookrunners. CEO Hali Borenstein noted the typical customer earns over $100,000 annually, providing resilience against retail headwinds. For fiscal 2025, Reformation reported net revenue of $507.1 million and net income of $12.6 million, with double-digit revenue growth for 20 consecutive quarters. The company operates 70 stores in the U.S., U.K., Canada, and France, and serves over 150 countries via e-commerce. Private equity firm Permira, which took a majority stake in 2019, will retain 49.2% ownership post-IPO.
Retailer Reformation opens flat in market debut after pricing IPO at $15
Women's clothing retailer Reformation began trading on the New York Stock Exchange on July 30, 2026, under the ticker 'REF,' opening flat at $15 per share after pricing its IPO at $15. The company raised $210.9 million by offering 14,062,500 shares. Reformation joins a small number of consumer and retail companies going public amid a prolonged IPO slump since 2021. The company reported 20 consecutive quarters of double-digit net revenue growth through Q1 2026, with full-year 2025 net revenue of $507.1 million and net income of $12.6 million, including the impact of Trump-era tariffs. Reformation operates 70 stores in the U.S., UK, Canada, and France, and has over 1 million active direct-to-consumer customers, with 70% aged 25-50. CEO Hali Borenstein noted the average customer earns over $100,000 annually, providing insulation from macroeconomic pressures. The IPO is backed by J.P. Morgan, Morgan Stanley, Citigroup, and RBC Capital Markets.
Womenswear retailer Reformation launches IPO targeting up to $239m
Permira-backed womenswear retailer Reformation has launched its initial public offering (IPO), aiming to raise up to $239 million. The company is offering 14.06 million shares priced between $15 and $17 each, with 9.47 million shares from the company and 4.58 million from existing stockholders. Underwriters have a 30-day option to buy an additional 2.10 million shares. Reformation plans to list on the New York Stock Exchange under the ticker REF, with JP Morgan and Morgan Stanley as joint lead bookrunners. Founded in 2009, the company operates 70 physical stores across the US, UK, Canada, and France, and ships to over 150 countries. Direct-to-consumer sales accounted for 90% of 2025 net revenue. Its active customer base exceeded 1 million, reaching 1.14 million by March 2026. Revenue for 2025 was $507.1 million, up from $438.2 million, but net profit fell to $12.6 million from $33 million. In Q1 2026, it reported a net loss of $12.1 million on revenue of $112.3 million.
Womenswear retailer Reformation launches IPO targeting up to $239m
Permira-backed womenswear retailer Reformation has launched its initial public offering, aiming to raise up to $239 million. The company is offering 14.06 million shares priced between $15 and $17 each, with 9.47 million shares from the company and 4.58 million from existing stockholders. Underwriters have a 30-day option to buy an additional 2.10 million shares. The listing is approved for the New York Stock Exchange under ticker REF, with JP Morgan and Morgan Stanley as joint lead bookrunners. Founded in 2009, Reformation operates 70 stores in the US, UK, Canada, and France, and ships to over 150 countries. Direct-to-consumer sales accounted for 90% of 2025 net revenue. The company reported 2025 revenue of $507.1 million (up from $438.2 million) but net profit fell to $12.6 million from $33 million. In Q1 2026, it posted a net loss of $12.1 million on revenue of $112.3 million.