Dr Martens tumbles as Permira sells 65m shares in placing

Dr Martens tumbled on Thursday after private equity firm Permira sold 65m shares in the iconic bootmaker in a placing, which made up around 15% of its holdings.

The shares were placed at 395p each, raising gross proceeds of around £257m. Following the placing, Permira will hold just over 364m shares in Dr Martens, which represent around 36.4% of the issued share capital.

Before the placing, Permira owned just over 429m shares in the company.

Barclays and Goldman Sachs acted as joint bookrunners in connection with the placing.

At 0807 GMT, the shares were down 11% at 375p.