Deal Details

Reformation Completes $210.9 Million Initial Public Offering

Consumer

Reformation initial public offering

Summary

Reformation Inc. (“Reformation”), a portfolio company of Permira (or the “Selling Stockholder”), recently priced its initial public offering of 14,062,500 shares of its common stock at a public offering price of $15.00 per share, generating gross proceeds of approximately $210.9 million (the “Offering”). Reformation offered 9,478,821 shares of common stock and certain of its existing stockholders offered 4,583,679 shares of common stock. In connection with the Offering, the Selling Stockholders have granted the underwriters a 30-day option to purchase up to an additional 2,109,375 shares of common stock at the initial public offering price, less underwriting discounts and commissions. Reformation will not receive any proceeds from any sale of common stock by the Selling Stockholders.

Baird served as a Bookrunner on this Offering.

Key Offering Metrics

Pricing Date - July 29, 2026
Exchange / Ticker - NYSE / REF
Initial Filing Range - $15.00 - $17.00
Offer Price - $15.00
Base Offering Size - $210.9 million (67% primary / 33% secondary)
Diluted Market Cap - $930.9 million
Enterprise Value - $1.0 billion
Sponsor - Permira
Execution - 8-Day roadshow

About

Reformation is the largest sustainable womenswear brand on the planet. They make beautiful, timeless apparel and accessories that inspire confidence across life stages and occasions. Over the past 17 years, Reformation has built a culturally resonant brand designed to challenge retail conventions. Their business model pairs a smart approach to merchandising with a responsive supply chain, allowing them to consistently deliver covetable, on-trend products to more than one million active customers. Today, Reformation operates 70 retail stores across the United States, United Kingdom, Canada and France, and serves more than 150 countries around the world through its e-commerce platform. Reformation is headquartered in Vernon, California.

Permira is a global investment firm that backs successful businesses with growth ambitions. Founded in 1985, the firm advises funds across two core asset classes, private equity and credit, with total committed capital of approximately €90bn. Permira employs over 500 people in 16 offices across Europe, the United States, the Middle East and Asia. Permira is headquartered in London, United Kingdom.