Reformation Inc. (REF Proposed), a retailer of women’s sustainable clothing, launched its $225 million IPO early today – after the sun rose over Wall Street. The Vernon, California-based company’s IPO will consist of 14.06 million shares at a price range of $15.00 to $17.00 to raise about $225 million – if priced at the $16.00 mid-point of its range. At pricing, Reformation would have a market cap of $945.28 million, assuming that the IPO is priced at its $16.00 mid-point.
Of the 14.06 million shares in the IPO, Reformation is offering 9.48 million shares and the selling shareholders are offering 4.58 million shares. The company will not receive any proceeds from the sale of the selling shareholders’ stock, the prospectus said.
J.P. Morgan and Morgan Stanley are leading the joint book-runners’ team.
Citigroup and RBC Capital Markets are also active joint book-runners.
Bankers plan to price Reformation’s IPO next week – on Wednesday night, July 29, 2026 – to trade Thursday, July 30 – on the New York Stock Exchange. (Please see our IPO Calendar.)
Reformation intends to use $125.1 million from the IPO’s proceeds to pay off some debt, the prospectus said.
The company is not profitable: Reformation reported a net loss of $5.06 million on revenue of $533.3 million for the 12 months that ended on March 31, 2026.
(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on the IPOScoop.com website.)
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.