IPO Calendar: Reformation Prices NYSE Debut at $15 a Share

Key takeaways

• A rare consumer name on the IPO calendar, Reformation Inc. priced its initial public offering at $15.00 per share, selling about 14.1 million shares for $210.9 million, according to its prospectus dated July 29, 2026, and filed July 30.
• The company sold 9,478,821 shares and selling stockholders sold 4,583,679 shares.
• Shares were set to trade on the NYSE under the symbol REF.
• Permira was expected to own about 49.2% of the company after the deal.
• Fiscal 2025 net revenue was $507.1 million with net income of $12.6 million.

A consumer name on the IPO calendar

Reformation’s offering added a consumer brand to an IPO calendar heavy with technology, energy and biotech deals. The company sells womenswear, including dresses, tops, bottoms, sweaters and accessories, with an emphasis on sustainability. It sells directly to consumers through e-commerce and 70 stores in four countries.

Item	Figure
Shares sold by company	9,478,821
Shares sold by stockholders	4,583,679
Price per share	$15.00
Gross proceeds	$210,937,500
Underwriting discount	$1.05/share ($14.77 million)
Net proceeds to company	$132,229,553
Underwriters’ option	2,109,375 shares
Shares outstanding after IPO	59,076,208

J.P. Morgan, Morgan Stanley, Citigroup and RBC Capital Markets led the underwriting group. The 7% gross spread is typical for an offering of this size.

Sizing up the deal

About two-thirds of the shares sold were new, so most of the proceeds went to the company rather than to existing owners. At 59,076,208 shares outstanding, the $15 price implies a market capitalization of roughly $886 million, our calculation from the share count in the filing.

Measured against fiscal 2025 net revenue of $507.1 million, that is a valuation below two times sales, a modest multiple compared with many technology IPOs this year, which reflects the lower margins typical of apparel retail.

Growth and seasonality

The first quarter of 2026 showed net revenue of $112.3 million, up 30.4% from a year earlier, but also a net loss of $12.1 million. Fiscal 2025 delivered net income of $12.6 million on the full year. The combination suggests a business that is growing quickly but whose profits are concentrated in certain parts of the year, a pattern common in fashion retail. Investors will want to watch how the store expansion affects margins.

Ownership and control

Permira’s expected stake of about 49.2% leaves it just short of a majority, but large enough to exert significant influence over board composition and strategy. Because Permira did not cross 50%, readers should check the prospectus for whether Reformation relies on any controlled-company governance exemptions.

What the company did with the money

Reformation sold about 9.5 million new shares and received net proceeds of about $132.2 million before expenses. Selling stockholders received the proceeds from their 4.6 million shares. The company-side proceeds give Reformation capital to support growth initiatives such as its store expansion, though readers should check the prospectus use-of-proceeds section for the specific allocation. The mix of primary and secondary shares is common in sponsor-backed IPOs, where the private equity owner reduces its stake modestly while the company raises fresh capital.

Why it matters

Consumer IPOs have been relatively scarce, and Reformation’s pricing gave a read on how public investors value a growing direct-to-consumer apparel brand with a store footprint. Its results in its first quarters as a public company will be watched as a reference point for other consumer brands considering IPO filings.

What to watch

Watch for the company’s first earnings report as a listed company, the pace of new store openings beyond 70, whether first-quarter revenue growth of 30.4% holds up, the use of the underwriters’ option on 2.1 million shares, and future share sales by Permira.