NewsNTech
The opening print of an IPO is the first unmanaged price signal a newly public company receives.
Retailer Reformation made its New York Stock Exchange debut Thursday under the ticker "REF" and that print came in flat, matching rather than exceeding the offer price set in the days before listing.
The company's chief executive said Reformation is "ready to scale." The mechanics of a flat open The constraint here is price discovery across two distinct investor populations.
Underwriters build the offer price from a book of institutional orders gathered over the roadshow period. That book represents committed demand at a negotiated price.
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