Dr. Martens gearing up for stock market float
Dr. Martens is readying itself for an IPO, and hoping to trade on the main market of the London Stock Exchange after more than 60 years in business.
The iconic footwear brand has engaged Goldman Sachs and Morgan Stanley as join global co-ordinators, and Barclays, HSBC, Merrill Lynch and RBC Europe as joint bookrunners in the event the float proceeds.
Should Dr. Martens proceed with an IPO, the current expectation is that immediately following admission it would have a free float of at least 25 per cent of issued share capital and expects that it would be eligible for inclusion in the FTSE UK indices.
In addition, it is expected that shares representing up to a further 15% of the offer will be made available pursuant to an over-allotment option.
Dr. Martens chairman Paul Mason described the move as an “important milestone” for the business, adding: “We have made significant investment in the business over the last few years to strengthen the team, our operations and position ourselves for the next exciting stage of development, as a publicly listed company.
“We’re also committed to strong corporate governance and making sure we always do things the right way.”
The iconic footwear brand sells more than 11 million pairs of shoes annually in more than 60 countries, and enjoyed revenues of £672m in its last financial year, ending 31 March 2020.
The business had group revenue of £318.2m in the six months ended 30 September 2020, growing 18 per cent year-on-year, defying the challenges created by the coronavirus pandemic, which has caused many retail brand to suffer.
Chief executive Kenny Wilson added: “Our iconic brand appeals to a diverse range of consumers around the world who wear our footwear to express their individual style. 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.”