Sustainable womenswear brand Reformation Inc. opened flat in its trading debut on the New York Stock Exchange on Thursday, after raising $210.9 million in an initial public offering that priced at the bottom of its marketed range.
The company, backed by private equity firm Permira, sold shares at $15 each, the low end of the $15–$17 range it had marketed. The stock began trading under the ticker symbol “REF” and opened at the IPO price, signaling tepid demand from investors.
Reformation is known for its eco-friendly apparel and has cultivated a following among young, fashion-conscious consumers. The IPO raised funds for the company to expand its operations and pay down debt. Permira acquired a majority stake in Reformation in 2019, valuing the company at the time at around $300 million.
The flat debut mirrors a broader cooling in the IPO market, as investors become more selective amid economic uncertainty. Several other retail and fashion IPOs have also traded below their listing prices in recent months.
Reformation’s offering was underwritten by Goldman Sachs, Morgan Stanley, and Jefferies. The company plans to use net proceeds for working capital and general corporate purposes.