Reformation began trading on the New York Stock Exchange on Thursday under the ticker symbol REF, with its stock opening at $15 per share after pricing its initial public offering at $15 the night before.
The offering covers 14,062,500 shares, putting the total raise at $210.9 million
Of those shares, 9,478,821 come directly from Reformation, while existing stockholders are selling the other 4,583,679. The closing of the offering is expected on July 31, the company said. J.P.
Morgan and Morgan Stanley are acting as joint lead bookrunning managers, with Citigroup and RBC Capital Markets serving as joint bookrunning managers. Speaking to CNBC, CEO Hali Borenstein said that the typical Reformation customer has an annual income above $100,000, which she argued gives the brand a degree of protection from the economic headwinds weighing on much of the retail sector. She also noted that the brand’s reach extends beyond its core age group, with a fifth of last year’s new customers younger than 25 and another fifth older than 50.