William Blair initiates Reformation stock with outperform rating

JPMorgan initiated coverage on Reformation Inc (NYSE:REF) with an overweight rating and $21.00 price target, citing 45% upside potential. The stock is near its 52-week low after a 9.5% weekly decline. Analysts highlight durable revenue growth drivers, high gross margins, and a strong direct-to-consumer model. Reformation completed its IPO at $15 per share, with strong demand and multiple analyst ratings.

Reformation Inc. priced its IPO of 14,062,500 shares at $15.00 per share. The company offered 9,478,821 shares and selling stockholders offered 4,583,679 shares, with an underwriters’ option for up to 2,109,375 additional shares. Shares are set to start trading on NYSE on July 30, 2026 under ticker REF.

Reformation Inc. priced its IPO at $15.00 per share, selling 9,478,821 shares out of 14,062,500 total. Existing holders sold 4,583,679 shares and granted underwriters a 30-day option for up to 2,109,375 more at the IPO price. The stock will trade on NYSE as REF starting July 30, 2026. J.P. Morgan and Morgan Stanley are joint leads.

Permira-backed womenswear retailer Reformation launched an IPO targeting up to $239m. It offers 14.06m shares priced at $15 to $17, including 9.47m newly issued shares and 4.58m from existing holders. Underwriters may buy 2.10m more shares. The NYSE listing is approved under ticker REF. Revenue rose to $507.1m in 2025, while net profit fell to $12.6m.

Reformation Inc. (REF) announced the launch of its IPO of 14.06 million shares of common stock. The offer price is expected between $15 and $17 per share. The company plans to sell about 9.48 million shares, with existing holders selling about 4.58 million. Underwriters may buy up to 2.10 million additional shares. Listing on NYSE under REF.

Reuters reports that Permira-backed womenswear retailer Reformation is targeting a valuation of up to $1 billion in a U.S. IPO. The company and selling shareholders plan to raise up to $239.1 million by selling 14.1 million shares at $15 to $17 each. Shares are set to list on the NYSE under “REF,” with J.P. Morgan, Morgan Stanley, Citigroup and RBC as underwriters.