Dr Martens considers London IPO

LONDON (REUTERS) – Dr Martens is considering an initial public offering in London, the British boot brand said on Monday (Jan 11), as its private equity owners look to sell down their stake.

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.

Permira bought Dr Martens, known for its yellow stitching and a youth culture staple, in 2014 for €380 million (S$616 million).

Since taking control, Permira has increased the firm’s global presence, reporting an average 20 per cent to 30 per cent revenue growth in recent years.

Dr Martens, which was founded in 1947, had revenues of 672 million pounds in the year ended March 31, 2020.

There would be no sale of new shares in the IPO, which would give the company a free float of at least 25 per cent, it added.

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

Lazard is financial adviser.

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