Reformation IPO price holds at $15 as REF opens flat on NYSE

Reformation's IPO price was set at $15 a share, and the women's apparel retailer began trading Thursday on the New York Stock Exchange without an opening gain, CNBC reported. For retail investors watching new listings, the flat start is a quick read on demand for consumer stocks after several slow years for initial public offerings.

The company trades under the ticker symbol REF. CNBC reported that Reformation offered 14,062,500 shares, which puts the IPO proceeds at $210.9 million.

An initial public offering, or IPO, is when a private company sells shares to public investors for the first time. The offer price is set before trading begins, while the first trades on the exchange show how public-market buyers value the stock once it is available more broadly.

What happened in the Reformation IPO?

Reformation listed on the NYSE on Thursday and opened at $15, the same level as its IPO price, according to CNBC. The listing puts the sustainable womenswear brand into a small group of consumer and retail companies that have gone public this year, following a broader IPO slowdown since the 2021 listing boom.

Reformation was not the only consumer name entering the public market that day. CNBC reported that sandwich chain Jersey Mike's also listed on the NYSE on Thursday.

The IPO was backed by J.P. Morgan, Morgan Stanley, Citigroup and RBC Capital Markets, according to CNBC.

What Reformation told investors

In its S-1 filing, Reformation said it had delivered 20 straight quarters of double-digit net revenue growth through the first quarter of 2026. An S-1 is the registration document companies file with U.S. regulators before going public, and it gives investors a look at financials, risks and business strategy.

For 2025, Reformation reported net revenue of $507.1 million and net income of $12.6 million, according to the filing cited by CNBC. The company said those results included the impact of tariffs from President Donald Trump.

Reformation also said in its S-1 that it expects to benefit from operating in a fragmented fashion industry and from demand for sustainable fashion globally. The company had 70 stores across the U.S., the UK, Canada and France as of the first quarter of 2026, CNBC reported.

Who buys from Reformation?

Reformation reported more than 1 million active customers in its direct-to-consumer channel in 2025, according to its S-1 filing. The company said 70% of its customers are between 25 and 50 years old.

CEO Hali Borenstein told CNBC's “Morning Call” that the customer base spans a wider age range than that core group suggests. She said 20% of new customers last year were under 25, while another 20% were over 50.

Borenstein also told CNBC that the average Reformation customer earns more than $100,000 a year. She said that makes the retailer more insulated from the macroeconomic pressure affecting some other retailers.

The first trading session does not settle the longer-term question of how public investors will value Reformation. It does show that, on debut day, buyers were not paying above the $15 IPO price at the open, even as the company pointed investors to growth, profitability and a higher-income customer base.

This story draws on original reporting from CNBC Markets.