Reformation Targets $15-$17 Share Price in New York Stock Exchange IPO

Los Angeles-based womenswear brand Reformation Inc. has launched the roadshow for its initial public offering, seeking to list on the New York Stock Exchange under the ticker symbol "REF". The company is targeting an IPO price between $15.00 and $17.00 per share for a total of 14,062,500 shares of common stock.

Offering Details

The offering consists of a primary and secondary share sale. Reformation is offering 9,478,821 new shares, while existing stockholders are selling 4,583,679 shares. At the midpoint of the proposed price range ($16.00), the total offering could raise approximately $225 million before expenses.

Selling stockholders have also granted the underwriters a 30-day option to purchase up to an additional 2,109,375 shares at the IPO price, less underwriting discounts. A prominent group of investment banks is managing the deal, with J.P. Morgan and Morgan Stanley acting as joint lead bookrunning managers.

Company Profile

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Reformation operates a multi-channel retail business with a significant physical and digital footprint. The company's profile includes:

• 70 retail stores across the United States, United Kingdom, Canada, and France.
• An e-commerce platform that serves customers in more than 150 countries.
• A customer base of over one million active customers, according to its filing.

Regulatory Status

A registration statement on Form S-1 has been filed with the U.S. Securities and Exchange Commission (SEC) but has not yet become effective. The company stated that the offering is subject to market conditions and that the securities may not be sold until the registration statement is declared effective by the SEC.