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Reformation targets up to $1 billion valuation in NYSE IPO
The Los Angeles fashion brand plans to price 14.1 million shares between $15 and $17, aiming to raise as much as $239.1 million.
Reformation, the Los Angeles-based fashion brand, has filed to go public and plans to list on the New York Stock Exchange under the ticker symbol REF, according to Yahoo Finance. Founded in 2009, the company has been majority-owned by private equity firm Permira since 2019.
Ahead of its IPO, Reformation is taking a less traditional approach to its roadshow pitch, leaning on a playful 30-minute video to explain its business to investors. The video includes a nod to The Big Short bathtub scene and features executives presenting the company’s customer loyalty and the role of technology and AI in its growth story.
Reformation is targeting a valuation of up to $1 billion and plans to price 14.1 million shares between $15 and $17. The deal could raise up to $239.1 million, based on the planned share count and price range.
The IPO comes as the company prepares to highlight its growth, with revenue of more than $500 million last year compared with $205 million in 2021. The coverage also notes that fashion IPOs have been relatively rare on public markets, and that Birkenstock’s shares fell nearly 12% on their first day of trading in 2023 before later recovering.