Reformation targets $1 billion valuation in US IPO

Key facts

• Reformation is targeting a valuation of up to $1 billion for its U.S. IPO.
• The company plans to raise up to $239.1 million.
• The offering includes 14.1 million shares priced between $15 and $17.
• Reformation intends to list on the NYSE under the symbol "REF".

Womenswear retailer Reformation, backed by private equity firm Permira, is seeking to raise up to $239.1 million in its U.S. initial public offering, targeting a valuation of as much as $1 billion. The company and its selling shareholders plan to offer 14.1 million shares with a price range of $15 to $17 each. This move represents a rare entry into public markets for a fashion brand in recent years, offering a test of investor appetite beyond the currently dominant AI infrastructure and defense sectors. Reformation intends to list its shares on the New York Stock Exchange under the ticker symbol "REF". J.P. Morgan, Morgan Stanley, Citigroup, and RBC Capital Markets are among the underwriters for the offering.