Reformation Inc., the global womenswear brand, launched its roadshow for an initial public offering of 14,062,500 shares with an expected price range of $15.00 to $17.00 per share. The offering consists of 9,478,821 shares from the company and 4,583,679 shares from existing stockholders. Reformation has been approved to list its common stock on the New York Stock Exchange under the ticker symbol REF. The offering is subject to market conditions, and there is no assurance regarding the completion, size, or terms of the offering.

The underwriters have been granted a 30-day option to purchase up to an additional 2,109,375 shares at the initial public offering price, less underwriting discounts and commissions. J.P. Morgan and Morgan Stanley are acting as joint lead bookrunning managers, while Citigroup and RBC Capital Markets are serving as joint bookrunning managers. Additional bookrunning managers include Guggenheim Securities, Baird, William Blair, and BTIG. Telsey Advisory Group is acting as co-manager.

Offering Details

A registration statement on Form S-1 has been filed with the Securities and Exchange Commission (SEC) but has not yet become effective. The securities may not be sold or offers to buy accepted until the registration statement becomes effective. The proposed offering will be made only by means of a prospectus available through the SEC's EDGAR system or from the underwriters.

Reformation describes itself as the largest sustainable womenswear brand, operating 70 retail stores across the US, UK, Canada, and France. The company serves more than 150 countries through its e-commerce platform and has built a customer base of over one million active users.

Reformation Inc., the global womenswear brand, announced on June 25, 2026, that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering of its common stock. The company intends to list its shares on the New York Stock Exchange (NYSE) under the ticker symbol "REF." The number of shares to be offered and the price range have not yet been determined, and the offering remains subject to market conditions.

J.P. Morgan and Morgan Stanley will serve as joint lead bookrunning managers for the proposed offering. Citigroup and RBC Capital Markets will act as joint bookrunning managers, while Guggenheim Securities, Baird, William Blair, and BTIG will serve as additional bookrunning managers. Telsey Advisory Group will act as co-manager.

The registration statement has been filed with the SEC but has not yet become effective. The securities may not be sold, nor may offers to buy be accepted, until the registration statement becomes effective. This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities.

Reformation describes itself as the largest sustainable womenswear brand globally. The company operates 70 retail stores across the US, UK, Canada, and France, and serves customers in over 150 countries through its e-commerce platform. Its business model focuses on responsive supply chains and on-trend products for more than one million active customers.

Proposed IPO Details