Permira-backed womenswear retailer Reformation targets a $239m raise via 14.06 million shares priced between $15 and $17.
Reformation has launched its initial public offering, aiming to raise as much as $239m through the sale of 14.06 million shares. The shares are priced between $15 and $17 each, with 9.47 million issued by the company and 4.58 million sold by existing stockholders.
Underwriters have a 30-day option to purchase an additional 2.10 million shares from selling stockholders. The offering is contingent on market conditions, and the company plans to list on the New York Stock Exchange under the ticker REF. JP Morgan and Morgan Stanley are joint lead bookrunners.
Reformation operates 70 stores across the US, UK, Canada, and France, with direct-to-consumer sales accounting for 90% of its 2025 net revenue. The company’s active customer base exceeds one million.