Shares of Reformation Inc. opened flat on Thursday after making their public debut on the New York Stock Exchange (NYSE).
The women’s clothing retailer, backed by private equity firm Permira, saw its stock remain at roughly $15, the same price of its initial public offering per share.
Shares were priced late Wednesday at the low end of their projected range. Reformation offered 14.1 million shares, with an IPO raise of $210.9 million. The stock closed at $15.08 at the end of its first trading day.
Investors have been fickle toward newly listed companies this year.
Roughly 49% of companies that have gone public in 2026 were trading below their IPO price as of earlier this month, though many at least popped initially on their debut.
Sandwich chain Jersey Mike’s Subs (NYSE: JMKE), which also made its public debut on Thursday, closed down about 6% on its first day. The stock opened at $21 per share, below its initial public offering of $23 per share.
Even the largest IPO in history, SpaceX—which jumped almost 20% on its opening day in June—has since fallen below its IPO price.
“Reformation is ready”
Reformation’s stock price stagnancy may reflect a lack of excitement around the brand.
The company is not a stranger to controversy. In 2020, CEO Yael Aflalo stepped down following allegations of racism at the company from a prior employee, and last year, the brand was accused of cultural appropriation.
Despite this, Reformation says it is prepared for what’s next.
CEO Hali Borenstein told CNBC, “Reformation is ready, and that is really the driving reason we’ve spent a lot of time working to build a business that redefines retail, really innovates on what the role of a brand is in the fashion space, and we’ve done a great job at that. Today, we have a foundation that is ready to scale.”