Women's Apparel Brand Reformation to Debut on NYSE

Reformation Inc., a women's apparel brand focused on sustainability, is scheduled to commence trading on the New York Stock Exchange (NYSE) today, July 30. The company finalized its initial public offering (IPO) pricing on Wednesday, setting the price at $15 per share, which falls at the lower end of its previously projected range of $15 to $17.

The offering includes a total of 14.06 million shares of common stock. Reformation itself is selling 9.48 million shares, while existing stockholders are offering an additional 4.58 million shares. The underwriters, led by J.P. Morgan and Morgan Stanley, have also been granted an option to purchase up to 2.11 million additional shares within 30 days.

With the IPO, Reformation anticipates raising approximately $210.94 million. The company's stock will be listed and traded on the NYSE under the ticker symbol REF.

Founded by Yael Aflalo in Los Angeles in 2009, Reformation has expanded to operate over 70 stores across the United States, Canada, France, and the United Kingdom. Private equity firm Permira has held a majority stake in the company since 2019. Following the IPO, Permira is expected to retain a 49.2% ownership. Yael Aflalo stepped down as CEO in mid-2020, with Hali Borenstein assuming the leadership role.