By Abigail Summerville
NEW YORK, July 22 (Reuters) - Sandwich chain Jersey Mike's and women's fashion retailer Reformation are advancing their planned IPOs, putting the spotlight on U.S. retail listings whose volumes this year are the lowest in a decade amid a broader resurgence in IPOs.
The two companies set price ranges on Monday for their offerings, taking another step toward listings that together are seeking to raise more money than all U.S. consumer and retail IPOs combined so far this year.
While blockbuster IPOs in sectors such as technology and industrials have pushed U.S. IPO volumes to all-time highs this year, with 73 issuers raising $130.1 billion, there have only been five consumer and retail IPOs in 2026, according to LSEG data.
Blackstone-owned Jersey Mike's plans to raise up to $1.09 billion by pricing shares between $21 and $25 apiece for a valuation of nearly $8 billion while Permira-backed Reformation plans to raise up to $239 million by pricing shares between $15 and $17 apiece for a valuation of up to $1 billion.
The two companies are seeking to raise more than what the five retail IPOs combined have raised in 2026. After setting a price range, companies typically list a week or two later.
"In retail broadly, I think the bar for IPOs has certainly gone higher over the last several years," said Rohit Singh, Morgan Stanley's head of retail investment banking in the Americas.
"But there are clearly business models and brands that are poised to capture share in their respective verticals. And even in a world that is being disrupted by AI, I think there are real merits to the real economy."
RETAIL IPO DROUGHT
Retail IPOs flourished during the record U.S. IPO market in 2021, but many have struggled since listing. As higher interest rates and shifting consumer spending weighed on valuations, several consumer and retail companies that went public that year, including Mister Car Wash, grill maker Weber and European Wax Center, were later taken private after weak stock market performances.
Even the few that listed this year have had mixed performances: Shares of juice maker Suja Life have plunged over 50% while convenience store chain Yesway is near flat. The Renaissance IPO Index, which tracks the performance of some of the largest newly listed stocks, is up about 18% year-to-date.
A strong market debut by Jersey Mike's and Reformation could encourage other retail companies waiting in the IPO pipeline to move ahead with listings, including gas station chain Cumberland Farms and Men's Wearhouse owner Tailored Brands, which both publicly filed for IPOs earlier this month.
Private equity firm Blackstone bought Jersey Mike's, which has 3,300 locations, from its founder Peter Cancro in 2025. Permira acquired a majority stake in Reformation, which calls itself the largest sustainable womenswear brand on the planet, in 2019.
For private equity owners, seeing more successful IPOs would provide another exit option after a prolonged slowdown in dealmaking. Many buyout firms have turned to alternatives such as continuation vehicles as they hold assets for longer than originally planned.
(Reporting by Abigail Summerville in New York; Editing by Muralikumar Anantharaman)
