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In the IPO market, the offer price is a clearing bet made the night before. The underwriting syndicate sets a price through bookbuilding and allocates shares to institutional buyers before trading opens.
Reformation, the retailer, priced its initial public offering at $15 a share and began trading on the New York Stock Exchange Thursday under the ticker symbol REF, opening at that same level.
What the flat print means A flat debut is the syndicate's price working.
The book found its equilibrium at $15, meaning the bid side at that level was sufficient to clear supply and no marginal demand remained to push the first trade above offer.
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