Overview
- Reformation launched a roadshow on Monday to offer 14,062,500 shares at an indicated price range of $15.00 to $17.00 per share, with underwriters able to buy an extra 2,109,375 shares for 30 days.
- The offering is structured as about 9.48 million new shares from the company and 4.58 million shares sold by existing investors, and it could raise up to roughly $239 million if priced at the top of the range.
- At the midpoint the company would net roughly $134.5 million after expenses and says it will use most of those proceeds to repay a term loan that currently burdens the business.
- Permira and the founder’s family trust plan to sell shares in the deal, cutting their ownership stakes while Permira is expected to remain the largest shareholder after the offering.
- Reformation enters public markets with $507.1 million in 2025 revenue, $45 million adjusted EBITDA and about 1.1 million active customers, but the S‑1 warns of risks such as narrowing profitability, tariff exposure, data and AI concerns, and shifting investor appetite for D2C brands.