Reformation Launches Initial Public Offering

Rhea-AI Summary

Reformation (NYSE: REF) has launched a roadshow for its initial public offering of 14,062,500 common shares, including 9,478,821 new shares and 4,583,679 shares from selling stockholders, at an expected price range of $15.00–$17.00 per share.

The selling stockholders plan to grant underwriters a 30-day option for up to 2,109,375 additional shares. The IPO remains subject to market conditions and effectiveness of the Form S-1 registration statement.

Positive

• 14,062,500 shares planned in REF initial public offering
• Company offering 9,478,821 new shares of common stock
• Expected IPO price range of $15.00 to $17.00 per share
• REF approved for listing on New York Stock Exchange
• Underwriters granted 30-day option for 2,109,375 additional shares

Negative

• Issuance of 9,478,821 new shares may dilute existing ownership
• IPO completion and final terms remain subject to market conditions
• Form S-1 registration statement is not yet effective, so shares cannot be sold

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

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LOS ANGELES, July 20, 2026 /PRNewswire/ -- Reformation Inc. ("Reformation"), the global womenswear brand, today announced the launch of its roadshow for the initial public offering of 14,062,500 shares of its common stock. 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 are expected to grant 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 initial public offering price is expected to be between $15.00 and $17.00 per share. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or other terms of the offering. Reformation has been approved to list its common stock on the New York Stock Exchange under the ticker symbol "REF."

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 proposed offering. Guggenheim Securities, Baird, William Blair and BTIG are acting as additional bookrunning managers on the proposed offering. Telsey Advisory Group is acting as co-manager on the proposed offering.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus related to the proposed offering, when available, may be obtained by visiting EDGAR on the website of the Securities and Exchange Commission ("SEC") at www.sec.gov. Alternatively, copies of the preliminary 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.

A registration statement on Form S-1 relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. 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.

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SOURCE Reformation Inc.

FAQ

How many shares are included in the Reformation (REF) IPO?

Reformation plans an initial public offering of 14,062,500 common shares. According to Reformation, this includes 9,478,821 new shares from the company and 4,583,679 shares from selling stockholders, with an additional over-allotment option for underwriters.

What is the Reformation (REF) IPO price range?

The expected Reformation IPO price range is $15.00 to $17.00 per share. According to Reformation, the final price will be set during the offering, which remains subject to market conditions and the effectiveness of the SEC registration statement.

On which exchange will Reformation (REF) list its common stock?

Reformation has been approved to list its common stock on the New York Stock Exchange under the ticker symbol REF. According to Reformation, trading will begin once the IPO is completed and the registration statement becomes effective.

What portion of the Reformation (REF) IPO comes from the company versus selling stockholders?

Reformation is offering 9,478,821 new shares, while selling stockholders are offering 4,583,679 shares. According to Reformation, selling stockholders may also grant underwriters a 30-day option to buy up to 2,109,375 additional shares.

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

J.P. Morgan and Morgan Stanley are joint lead bookrunning managers for the Reformation IPO. According to Reformation, Citigroup, RBC Capital Markets, Guggenheim Securities, Baird, William Blair, BTIG and Telsey Advisory Group are also involved as bookrunners or co-manager.

Is the Reformation (REF) IPO already effective and available to buy?

The Reformation IPO is not yet effective and cannot currently be purchased. According to Reformation, the Form S-1 registration statement is filed but must become effective before any sales or accepted offers can occur.

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

Investors can access the preliminary Reformation prospectus on the SEC’s EDGAR website. According to Reformation, copies may also be requested from J.P. Morgan Securities or Morgan Stanley’s prospectus departments using the provided mailing and email contact details.