Jersey Mike's, Reformation IPOs to Test Sluggish US Retail Listings Market

Sandwich chain Jersey Mike’s and women’s fashion brand Reformation are advancing their initial public offerings, setting a critical test for a U.S. retail sector that has largely missed out on a broader IPO market resurgence. The two companies set their price ranges on Monday, aiming to raise more capital combined than all other U.S. consumer and retail IPOs so far this year.

The Offerings

The private equity-backed companies are seeking significant valuations in a sector that has seen scant public market activity.

• Jersey Mike’s: The Blackstone-owned chain plans to raise up to $1.09 billion by offering shares between $21 and $25. The pricing implies a total company valuation of nearly $8 billion.
• Reformation: The sustainable fashion retailer, backed by Permira, is targeting up to $239 million by pricing its shares between $15 and $17, which would value the company at up to $1 billion.

Following the setting of a price range, companies typically complete their IPO and begin trading within one to two weeks.

A Test for the Retail Sector

Ad

The planned listings stand in stark contrast to the current market environment for retail companies. While the broader U.S. IPO market has seen 73 issuers raise a record $130.1 billion this year, there have only been five consumer and retail IPOs in 2026, according to LSEG data, marking the lowest volume in a decade.

Investor appetite has been dampened by the poor performance of past retail listings. Several companies that went public during the 2021 boom, including Weber and Mister Car Wash, were later taken private after their stocks underperformed. More recent listings have also struggled; juice maker Suja Life has seen its shares fall over 50% since its debut this year. This performance lags the broader Renaissance IPO Index, which is up about 18% year-to-date.

Broader Market Implications

Successful market debuts for Jersey Mike's and Reformation could reinvigorate the IPO pipeline for other retail and consumer companies, including Cumberland Farms and Tailored Brands, which have also filed for listings. According to Rohit Singh, Morgan Stanley’s head of retail investment banking in the Americas, "the bar for IPOs has certainly gone higher," but strong brands can still succeed.

A positive outcome would also provide a much-needed exit path for private equity sponsors like Blackstone and Permira. Amid a general slowdown in dealmaking, a receptive public market offers an alternative to M&A or other complex transactions for monetizing their investments.