Permira-backed womenswear retailer Reformation has launched its initial public offering, aiming to raise as much as $239m.

The company is offering 14.06 million shares of common stock priced between $15 and $17 apiece.

Of the total shares on offer, 9.47 million will be issued directly by the company, with the remaining 4.58 million coming from existing stockholders who are selling down their holdings.

Underwriters are set to be granted a 30-day option allowing them to buy a further 2.10 million shares at the offer price, minus applicable discounts and commissions, with these additional shares also being supplied by the selling stockholders.

As is standard for offerings of this kind, completion remains contingent on market conditions, with no guarantee given over whether the listing will proceed, nor over its eventual size or pricing.

The company has secured approval to list its shares on the New York Stock Exchange under the ticker REF.

JP Morgan and Morgan Stanley are serving as joint lead bookrunners while Citigroup and RBC Capital Markets assume joint bookrunner roles.

Reformation lodged its registration statement with the US Securities and Exchange Commission last month.

Established in 2009, Reformation runs 70 physical stores spanning the US, UK, Canada and France, alongside an online store that ships to customers in more than 150 countries.

Sales made directly to consumers represented 90% of the company's net revenue in 2025.

Its active customer base passed the one million mark last year, climbing to 1.14 million by the end of March.

Financial results show revenue of $507.1m for the year ended 27 December 2025, an increase from $438.2m the year before.

Net profit, however, declined to $12.6m from $33m over the same period.

In the first quarter, covering the period to 28 March, Reformation recorded a net loss of $12.1m against revenue of $112.3m, compared with a net loss of $5.6m on revenue of $86.1m in the equivalent quarter a year earlier.