Reformation IPO prices at $15, trades flat

Reformation Inc., a sustainable womenswear brand based in Vernon, California, raised $210.9 million in its initial public offering. The deal was priced at $15 per share, which was the bottom of the company’s marketed range of $15 to $17. The transaction positions the apparel retailer as a newly listed public company focused on women’s clothing.

The IPO involved a total of 14,062,500 shares offered to investors. Of this, 9.48 million shares were newly issued by Reformation, providing fresh capital to the company. An additional 4.58 million shares were sold by existing stockholders, allowing some early investors to reduce their holdings while the company listed on a major exchange.

Reformation’s shares began trading on the New York Stock Exchange on Thursday, July 30, 2026. The stock opened at the IPO price of $15 per share and traded flat at that level in its market debut. The unchanged performance at the open reflected a balance between investor demand and the pricing set in the offering.

The listing brings a sustainable-focused womenswear retailer to the public equity markets. By maintaining the IPO price in initial trading, the debut suggested that the offering was aligned with immediate market expectations, without a sharp price move in either direction at the open.

The mix of primary and secondary shares in the offering means both the company and selling stockholders participated in the transaction. The 9.48 million newly issued shares are expected to support Reformation’s corporate needs, while the 4.58 million shares from existing holders enabled partial liquidity for prior investors.

With the IPO completed, Reformation now has a broader base of public shareholders alongside its existing backers. The structure of the offering underscores a step toward wider market access while preserving a significant stake for long-term owners as the company continues its operations in the womenswear segment.