Jan 29, 2021
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Dr Martens IPO price values it at a massive £3.7bn

Jan 29, 2021

British bootmaker Dr Martens has priced its IPO at the top end of expectations putting a value on the company of around £3.7 billion, significantly above the £3.5 billion that it had been expected to be worth.

Dr Martens

The company said on Friday that its stock market float will see its shares priced at 370p each on the London stock exchange. 

CEO Kenny Wilson said of this:We have been delighted by the strong levels of interest, engagement and support from such a high quality selection of institutional investors. The successful transformation of Dr Martens is a great story, and what is even more exciting is the huge potential ahead.  We are proud to take our place as a London listed company, both delivering as a successful plc and more importantly continuing to grow our Brand around the world.”

The offer comprises 350 million Shares being sold by majority shareholder, IngreLux S.àr.l. (a Luxembourg firm owned by funds linked to Permira), and each of the other existing shareholders. This equates to a total offer size of £1.295 billion and represents 35% of Dr Martens' issued share capital on admission.

The offer was as much as eight times over-subscribed and a further 52.5 million shares are being made available by the principal shareholder. If they’re fully taken up, this would add up to just over 40% of Dr Martens' issued share capital.

Conditional dealings in the shares began on Friday morning under the ticker symbol DOCS. Full trading starts on February 3.

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