Reformation (REF) priced its IPO at $15.00 – the low end of its range – and sold 14.06 million shares – the number of shares in the prospectus – to raise $210.9 million on Wednesday night, July 29, 2026. The price range was $15.00 to $17.00.
Reformation’s stock is expected to start trading tomorrow – Thursday, July 30, 2026 – on the NYSE.
The pricing followed a brutal day on Wall Street. The Dow lost more than 1,100 points.
J.P. Morgan and Morgan Stanley were the leading joint book-runners. Citigroup, RBC Capital Markets, Guggenheim Securities, Baird, William Blair, BTIG and Telsey Advisory Group were the joint book-runners.
Reformation (REF) is a sustainable women’s clothing retailer that caters to millennials and Gen Z. Taylor Swift is a fan.
Reformation, founded in 2009 and based just south of downtown LA in Vernon, California, designs and manufactures women’s clothing, shoes and accessories, using sustainable materials and methods. Reformation sells its merchandise online via its own website and in its 70 retail stores – as well as through upscale retailers, including Nordstrom and Bloomingdale’s.
Permira, a British private equity firm, owns a stake representing 64.4 percent of Reformation’s outstanding stock before the IPO – and after the IPO, its stake will be 49.2 percent, according to the prospectus. Permira took control in 2019.
Reformation intends to use about $125.1 million of its net proceeds from the IPO for partial repayment of some debt.
As of June 27, 2026, Reformation had total outstanding debt of $250.3 million, according to the prospectus.
Note: Reformation has earmarked about $9.5 million of the IPO’s proceeds to buy back existing shares and stock options from CEO Hali Borenstein as well as from COO Ivan Tchakarov and certain other employees in the Synthetic Secondary offering, the prospectus said.
Reformation reported a net loss of $5.06 million on revenue of $533.31 million for the 12 months that ended on March 31, 2026.