Reformation prices IPO at $15 a share, opens flat in NYSE debut

Reformation began trading on the New York Stock Exchange under the ticker REF after pricing its initial public offering at $15.00 per share, with the stock opening and closing flat at its IPO price. The womenswear retailer raised about $210.9 million in the listing, giving it a market value of about $890 million, as it joins a small group of consumer and retail companies to go public during a prolonged IPO slowdown since the 2021 boom. CEO Hali Borenstein marked the debut from the NYSE trading floor after taking over the company in 2020, when founder Yael Aflalo stepped down as CEO and remained on the board. Reformation has said it posted 20 consecutive quarters of double-digit net revenue growth through the first quarter of 2026. Full-year 2025 net revenue was $507.1 million and net income was $12.6 million, including the impact of President Donald Trump's tariffs. As of the first quarter of 2026, Reformation operated 70 stores across the U.S., UK, Canada and France. The company told investors that 77% of active customers say Reformation is one of their favorite brands or their all-time favorite. It also said 80% of its direct-to-consumer revenue over the past four years came from full-price sales rather than discounting, a notable metric in an intensely competitive apparel market. Borenstein said Reformation plans to double its store count and expand internationally after the IPO.