Reformation has launched the roadshow for its initial public offering of 14,062,500 shares of common stock. The sustainable womenswear company expects the IPO to price between $15 and $17 per share, implying gross proceeds of approximately $210.9 million to $239.1 million before underwriting discounts, commissions and expenses.
Reformation is offering 9,478,821 of the shares, while existing stockholders are selling another 4,583,679 shares. The company would receive approximately $142.2 million to $161.1 million in gross proceeds from the primary shares, while proceeds from shares sold by existing investors will go to those stockholders.
The selling stockholders are also expected to give the underwriters a 30-day option to purchase up to 2,109,375 additional shares at the IPO price. If fully exercised, the offering could expand to 16,171,875 shares and generate total gross proceeds of approximately $242.6 million to $274.9 million.
Reformation has been approved to list its common stock on the New York Stock Exchange under the ticker symbol “REF.” The completion, timing and final terms of the offering remain subject to market conditions and the effectiveness of the company’s registration statement.
J.P. Morgan and Morgan Stanley are serving as joint lead bookrunning managers. Citigroup and RBC Capital Markets are acting as joint bookrunning managers, while Guggenheim Securities, Baird, William Blair and BTIG are additional bookrunning managers.
Telsey Advisory Group is serving as co-manager. The proposed offering will be conducted through a prospectus included in Reformation’s registration statement filed with the U.S. Securities and Exchange Commission.
Reformation describes itself as a global sustainable womenswear brand producing apparel and accessories for different life stages and occasions. The company combines its merchandising strategy with a responsive supply chain designed to bring current products to market efficiently.
Over its 17-year operating history, Reformation has built a customer base of more than one million active customers. The company currently operates 70 retail stores across the United States, United Kingdom, Canada and France.
Reformation also serves customers in more than 150 countries through its e-commerce platform. The IPO would provide the company with access to public capital markets as it continues developing its retail, digital and international operations.
