Reformation Announces Pricing of Initial Public Offering

Rhea-AI Summary

Reformation (NYSE: REF) priced its initial public offering of 14,062,500 common shares at $15.00 per share. Reformation is issuing 9,478,821 shares, while Selling Stockholders are offering 4,583,679 shares, with a 30‑day underwriters’ option for up to 2,109,375 additional shares.

The shares are expected to begin trading on the New York Stock Exchange on July 30, 2026, with closing anticipated on July 31, 2026, subject to customary conditions. J.P. Morgan and Morgan Stanley are joint lead bookrunning managers, supported by several additional bookrunners and a co‑manager.

Positive

• IPO priced 14,062,500 shares at $15.00 per share
• Company primary issuance 9,478,821 shares of common stock
• Expected NYSE listing July 30, 2026 under ticker REF
• Underwriters’ option up to 2,109,375 additional shares for 30 days

Negative

• None.

News Explained

If the conditional closing occurs, company-issued IPO shares would dilute existing holders; the underwriters’ option is secondary.

Reformation has priced its IPO, but closing remains expected on July 31, 2026, subject to conditions; the 9,478,821 shares offered by the company would add to the share count and reduce existing holders' percentage ownership, while 4,583,679 shares are being sold by existing stockholders.

The underwriters' option was granted by the Selling Stockholders, so its ceiling of up to 2,109,375 additional shares would represent further secondary shares rather than company-issued shares if exercised.

The Form S-1 was declared effective on July 29, 2026; that registers the securities for sale, but registration alone does not mean the offering has closed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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LOS ANGELES, July 29, 2026 /PRNewswire/ -- Reformation Inc. ("Reformation"), the global womenswear brand, today announced the pricing of its initial public offering of 14,062,500 shares of its common stock at a public offering price of $15.00 per share. Reformation is offering 9,478,821 shares of common stock and certain of its existing stockholders (the "Selling Stockholders") are offering 4,583,679 shares of common stock. In connection with the offering, the Selling Stockholders have granted the underwriters a 30-day option to purchase up to an additional 2,109,375 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

The shares of common stock are expected to begin trading on the New York Stock Exchange on July 30, 2026 under the ticker symbol "REF." The closing of the offering is expected to occur on July 31, 2026, subject to the satisfaction of customary closing conditions.

J.P. Morgan and Morgan Stanley are acting as joint lead bookrunning managers, and Citigroup and RBC Capital Markets are acting as joint bookrunning managers on the offering. Guggenheim Securities, Baird, William Blair and BTIG are acting as additional bookrunning managers on the offering. Telsey Advisory Group is acting as co-manager on the offering.

A registration statement on Form S-1 relating to these securities was declared effective by the Securities and Exchange Commission (the "SEC") on July 29, 2026. The offering is being made only by means of a prospectus. Copies of the final prospectus related to the offering, when available, may be obtained by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, copies of the final prospectus, when available, may be obtained from: J.P. Morgan Securities LLC, Attention: c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; and Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2^nd Floor, New York, New York 10014.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Reformation
Reformation is the largest sustainable womenswear brand on the planet (that we know of, anyways). We make beautiful, timeless apparel and accessories that inspire confidence across life stages and occasions. Over the past 17 years, we've built a culturally resonant brand designed to challenge retail conventions. Our business model pairs a smart approach to merchandising with a responsive supply chain, allowing us to consistently deliver covetable, on-trend products to more than one million active customers. Today, Reformation operates 70 retail stores across the US, UK, Canada and France, and serves more than 150 countries around the world through its e-commerce platform.

View original content to download multimedia:https://www.prnewswire.com/news-releases/reformation-announces-pricing-of-initial-public-offering-302838374.html

SOURCE Reformation Inc.

FAQ

What are the key terms of the Reformation (NYSE: REF) IPO priced on July 29, 2026?

Reformation priced its IPO at $15.00 per share for 14,062,500 common shares. According to Reformation, this includes new shares from the company and shares from Selling Stockholders, with an additional 30‑day underwriters’ option for up to 2,109,375 shares.

How many shares does Reformation offer versus Selling Stockholders in the REF IPO?

Reformation is offering 9,478,821 shares of common stock in the IPO. According to Reformation, certain existing stockholders are selling an additional 4,583,679 shares, separate from the company’s primary issuance, under the same $15.00 per share public offering price.

When will Reformation stock (REF) start trading on the NYSE after the IPO?

Reformation shares are expected to begin trading on the NYSE on July 30, 2026 under ticker REF. According to Reformation, the closing of the offering is expected on July 31, 2026, subject to customary closing conditions being satisfied.

What is the underwriters’ 30-day option in the Reformation (REF) IPO?

Selling Stockholders granted underwriters a 30‑day option to buy up to 2,109,375 additional shares. According to Reformation, these shares may be purchased at the IPO price of $15.00 per share, less underwriting discounts and commissions, potentially increasing the total shares sold.

Who are the lead underwriters for the Reformation (REF) initial public offering?

J.P. Morgan and Morgan Stanley are acting as joint lead bookrunning managers for the Reformation IPO. According to Reformation, Citigroup and RBC Capital Markets are joint bookrunning managers, with Guggenheim Securities, Baird, William Blair, BTIG and Telsey Advisory Group in additional roles.

How can investors obtain the final prospectus for the Reformation (REF) IPO?

Investors can access the final prospectus via the SEC’s EDGAR system at www.sec.gov. According to Reformation, copies may also be requested from J.P. Morgan Securities or Morgan Stanley’s prospectus departments using the physical addresses and email contacts provided.