Reformation indicated to open at $15.50-$16.50 in New York debut

Womenswear brand Reformation's REF.N shares recently indicated to open between $15.50 and $16.50 in New York debut after a $211 million U.S. IPO.

Vernon, California-based REF and some of its existing stockholders sold 14.1 million shares at $15 apiece, the low end of the marketed range of $15 to $17 per share.

The listing will test investor demand for consumer discretionary IPOs, a sector that has spent most of 2026 on the sidelines.

Investment firm Permira-backed REF began with dresses in 2009 and has since expanded into bottoms, tops, sweaters, and accessories.

REF has expanded its retail footprint from its original shop on Melrose that opened in 2009 to 70 stores across the U.S., the UK, Canada and France.

J.P. Morgan and Morgan Stanley acted as joint lead bookrunning managers for the offering.