Sustainable womenswear brand Reformation Inc. began trading on the New York Stock Exchange on Thursday, opening at its IPO price of $15 per share. The company raised $210.9 million after pricing its initial public offering at the bottom of its marketed range.

Trading under the ticker "REF," Reformation offered 14,062,500 shares, marking a notable public debut amid a broader slump in IPOs. The company reported 20 consecutive quarters of double-digit net revenue growth through the first quarter of 2026. For the full year 2025, net revenue reached $507.1 million, with a net income of $12.6 million.

Reformation operates 70 stores globally and noted over 1 million active direct-to-consumer customers in 2025. CEO Hali Borenstein highlighted a diverse customer base, with a significant portion earning over $100,000 annually, suggesting insulation from certain macroeconomic pressures. The IPO was backed by major financial institutions including J.P. Morgan, Morgan Stanley, Citigroup, and RBC Capital Markets.