Dr Martens confirms IPO for Feb; Seeks FTSE listing
Iconic UK bootmaker Dr Martens could be listed on the Stock Exchange in London by the start of next month, the business said on Monday, adding that it hoped to be included in an FTSE index.
The footwear firm confirmed its intention to launch an initial public offering (IPO). Around a quarter of the company’s shares are expected to be traded publicly after the float, and Dr Martens “expects that it would be eligible for inclusion in the FTSE UK indices”.
“The company intends to apply for admission of the shares to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange’s main market for listed securities," it said in a statement.
“The final offer price in respect of the offer will be determined following a book-building process, with admission currently expected to occur in early February 2021.”
Goldman Sachs, Morgan Stanley, Barclays, HSBC, BofA Securities, RBC Capital Markets and Lazard have all been hired to help with the float.
The company, whose boots and shoes were made famous in the punk era and are enjoying a resurgence in popularity, expects an eventual free float of 25% of the business, with potential to list another 15%, depending on demand.
Private equity group Permira, which bought the firm in 2013 for £300m, will reduce its stake as part of the offering.
The company sells more than 11m pairs of shoes and boots a year across 60 countries. It generated revenue of £672m in the year to March 2020, with earnings before interest, tax, depreciation and amortisation (EBITDA) of £184m.
It also sells through more than 130 own-retail stores globally as well as concessions and through wholesale customers, distributors and franchisees.
Revenue rose 18% to £318.2m for the six months to September 30, while EBITDA grew by a third to £86.3m.