Dr Martens aims for stock market listing next month
Dr Martens could be listed on the Stock Exchange in London by the start of next month and hopes to be included in a FTSE index, the business said on Monday.
The historic footwear firm confirmed its intention to launch an initial public offering (IPO) earlier this month. Its current private equity owner, Permira, will be selling off some of its shares in the 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”.
There are several FTSE indices in London, with the FTSE 100 and FTSE 250 incorporating some of the UK’s biggest publicly traded companies. However, other FTSE indices, such as the FTSE All Share or FTSE AIM 100 Index include much smaller firms.
Dr Martens said in a statement: “The company intends to apply for admission of the shares to the premium listing segment of the Official List of the FCA (Financial Conduct Authority) and to trading on the London Stock Exchange’s main market for listed securities.
“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 floatation.
Dr Martens sold its first boot in the UK nearly 61 years ago and was long associated with punk rock and other subcultures.
In its last financial year, the company’s revenue reached £672m, while earnings hit £184m. Even during the pandemic the business has managed to grow.
CEO Kenny Wilson said last week that the float reflects what the Dr Martens team has achieved in recent years.
“Our iconic brand appeals to a diverse range of consumers around the world who wear our footwear to express their individual style,” he said.
“We have invested massively to ensure that we deliver the best digital and store experiences to connect with our wearers, and through this we are driving our long-term, sustainable growth.”