Reformation stock closes slightly above IPO price in market debut

Women's clothing retailer Reformation Inc. began trading on the New York Stock Exchange (NYSE) on Thursday, with its stock closing the day at $15.08, a slight increase from its initial public offering (IPO) price of $15 per share.

The company, backed by private equity firm Permira, priced its IPO late Wednesday. Reformation offered 14.1 million shares, raising approximately $210.9 million. The offering was priced at the low end of its projected range.

Investor sentiment towards new public offerings has been cautious this year. As of earlier this month, approximately 49% of companies that went public in 2026 were trading below their IPO price. For context, sandwich chain Jersey Mike’s Subs also debuted on Thursday, closing down about 6% on its first day.

While the company has faced past controversies, CEO Hali Borenstein expressed confidence in Reformation's readiness for the future, citing its efforts to innovate within the fashion retail space and build a scalable business.