Reformation launches IPO roadshow, targeting up to 239 million dollars

Reformation has launched the roadshow for its initial public offering, moving the Los Angeles-based womenswear brand into the final stretch of its path to the New York Stock Exchange, where it has been approved to list under the ticker symbol “REF.”

The company announced Monday that it is offering 14,062,500 shares of common stock at an expected price of between 15.00 and 17.00 dollars per share. At the midpoint of that range, the offering would raise approximately 225 million dollars, and up to 239 million dollars at the top of the range.

Of the total, Reformation itself is offering 9,478,821 shares, while existing stockholders are selling 4,583,679 shares. The selling stockholders are also expected to grant underwriters a 30-day option to purchase up to an additional 2,109,375 shares at the offering price. Reformation noted the offering remains subject to market conditions, with no assurance as to timing, size or final terms.

J.P. Morgan and Morgan Stanley are acting as joint lead bookrunning managers, with Citigroup and RBC Capital Markets serving as joint bookrunners. Guggenheim Securities, Baird, William Blair and BTIG are additional bookrunners, and Telsey Advisory Group is co-manager.

The roadshow follows Reformation’s public S-1 filing in late June, which revealed net revenue of 507.1 million dollars for the year ended December 27, 2025, up from 438.2 million dollars a year earlier, though net profit declined to 12.6 million dollars from 33 million dollars, pressured in part by tariffs. First-quarter 2026 net revenue rose 30.4 percent year-on-year to 112.3 million dollars, extending a run of 20 consecutive quarters of double-digit growth. The brand is majority-owned by private equity firm Permira, which is expected to retain significant influence following the listing.

Founded in 2009, Reformation describes itself as the largest sustainable womenswear brand in the world. The company operates 70 retail stores across the US, UK, Canada and France, serves more than 150 countries through e-commerce, and counts over one million active customers. Roughly 90 percent of net revenue comes through its direct-to-consumer channel.