Reformation's IPO saw strong demand despite low end pricing

Investing.com -- Reformation Inc.'s initial public offering drew demand for several times the number of shares available, Bloomberg reported Thursday.

The Permira-backed womenswear company allocated shares primarily to anchor-type long-only and sector-focused investors. The top 20 investors in the offering received approximately 90% of the shares, according to the report.

Shares are expected to start trading Thursday on the New York Stock Exchange under the ticker symbol REF.

On Wednesday, Reformation priced 14,062,500 shares of common stock at $15.00 per share. The company is offering 9,478,821 shares while existing stockholders are selling 4,583,679 shares.

The offering raised $210.9 million at the low end of its marketed range of $15 to $17 per share.

JPMorgan Chase & Co., Morgan Stanley, Citigroup Inc., and Royal Bank of Canada are among the banks managing the offering.

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