Reformation IPO Debuts on NYSE at $15 per Share
Reformation began trading on the New York Stock Exchange under the ticker symbol REF with an opening price of $15 per share. The company priced its initial public offering (IPO) at $15, raising a total of $210.9 million from 14,062,500 shares. Of these shares, 9,478,821 were issued by Reformation itself while the remaining came from existing stockholders. The IPO is expected to close on July 31 and features J.P. Morgan and Morgan Stanley as joint lead bookrunning managers. CEO Hali Borenstein highlighted that the brand's customer base earns over $100,000 annually, offering some insulation against broader retail sector challenges. The company reported net revenue of $507.1 million in fiscal year 2025 and a net income of $12.6 million. Reformation has maintained double-digit quarterly revenue growth for the past 20 quarters through Q1 2026, operating 70 stores across four countries with over one million active customers on its direct-to-consumer platform.
Topics: IPO Reformation stock market debut