Overview
- Reformation priced its initial public offering at $15.00 per share on Wednesday, offering 14,062,500 shares and preparing to begin trading on the New York Stock Exchange on Thursday under the ticker REF.
- The deal combines 9,478,821 new shares from the company with 4,583,679 shares sold by existing holders and gives underwriters a 30-day option to buy up to 2,109,375 additional shares.
- The company expects roughly $210.94 million in gross proceeds from the sale and disclosed plans in its S-1 to use most net proceeds to repay a term loan.
- Private equity firm Permira will remain the largest shareholder with about 49.2% of stock after the offering and the Aflalo Family Trust is set to hold roughly 19.8%, with Permira’s stake falling to about 46.9% only if the underwriters buy the extra shares.
- Reformation presented a growth profile in its filings—about $507 million in 2025 revenue, adjusted EBITDA near $45 million, roughly 1.1 million active customers and about 70 stores—while warning investors of margin pressure, tariff exposure, data and AI risks, and shifting demand for direct‑to‑consumer sustainable fashion.