Chunky bootmaker Dr. Martens to sell shares to public

Marco Green
January 13, 2021

Dr. Martens Ltd. said Monday, Jan. 11, 2021 that current investors plan to sell at least 25% of their stake in an initial public offering on the London Stock Exchange.

Dr Martens generated revenue of £672m in the year to March 2020.

The IPO would consist of a sale of shares held by buyout firm Permira and some other existing shareholders, the company said in a statement.

The classic British footwear retailer is now owned by private equity firm Permira, which wants to sell down its stake via a stock market listing. It expects that it would be eligible for inclusion in the FTSE UK indices.

Dr. Martens Chief Executive Kenny Wilson said the IPO underscored the brand's "global growth potential" after revenue increased by 39% over the past two financial years to an annual 672.2 million pounds ($900 million).

Dr Martens' most recent figures show rising sales, despite Covid-related restrictions on its stores, as it shifts more sales direct to consumers. Dr Martens sells in excess of 11 million pairs of shoes and boots annually in more than 60 countries.

Goldman Sachs and Morgan Stanley are joint global co-ordinators for the offering, and Barclays, HSBC, Bank of America-Merrill Lynch and RBC Europe are joint bookrunners.

The company runs 130 stores around the world, but its push to online sales mean these now account for about a fifth of its revenues.

Group revenues for the six months to September 2020 were £318.2m, up 18% on the previous year, despite the impact of the pandemic.

"We're also committed to strong corporate governance and making sure we always do things the right way", he added.

Other reports by Click Lancashire

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