Sunday, January 24, 2021

Cult favorite of punk rockers and fashion influencers Dr. Martens plans IPO

Must read


Dr Martens is considering an initial public offering on the London Stock Exchange, as owner Permira Holdings seeks to sell a stake in the iconic UK shoemaker amid the stock market rally.

The company does not plan to raise funds during the IPO, according to a statement released on Monday.

Permira startedjobwith advisers in mid-2019 on ways to relieve Dr Martens andaroused interestsuitors, including rival private equity firm Carlyle Group, Bloomberg News reported at the time. These discussions did not result in an agreement and Permirais saidfor relaunching plans to exit its investment last year.

Strong stock markets make IPOs an attractive exit option again, with benchmark FTSE 100 showing itsbest start to a yearchecked in. Investors are jumping into UK stocks, aided by a long-awaited Brexit deal and global growth optimism. Dr. Martens is the third company to present plans for listing in London in two weeks.

Since paying 380 million euros ($ 463 million) to the shoemaker in 2014, Permira has strengthened the brand’s global presence, opening new stores and expanding its e-commerce offering.

At least 25% of Dr Martens’ share capital will be available for trading when listed, the company said on Monday, adding that it expects to be eligible for inclusion in FTSE UK indices. Another 15% will be made available in an over-allotment option.

Dr Martens posted an 18% year-over-year increase in group sales to 318.2 million pounds ($ 430 million) in the six-month period ended Sept. 30, while the earnings before interest, taxes, depreciation and amortization rose 30% to 86.3 million pounds. in this period, according to the statement.

Goldman Sachs Group Inc. and Morgan stanley are joint global coordinators, while Barclays Plc, BofA Securities, HSBC participations Plc and Royal Bank of Canada will be associated bookkeepers if the offer is made. Lazard & Co. is the company’s financial advisor.

More to read absolutely retail cover of Fortune:

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article