Dr Martens targets £3.7bn valuation in stock market float
Dr Martens will list on the London Stock Exchange as a public company from Wednesday February 3 with shares starting trading at 370p, the company has announced.
The valuation means the famous boots brand is valued at £3.7 billion. The listing will see 35% of the business made available to buy by investors.
The company added the current owners, who will retain a stake, will be unable to sell shares for at least the first 180 days, whilst current management, directors, employees and some former executives must not sell shares for at least a year.
Chief executive Kenny Wilson said: “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.”
It is currently owned by private equity firm Permira, which plans to retain a stake after the float.
Bosses are hoping that flotation will help it expand the famous footwear brand, taking it out of private hands.
Dr Martens sold its first boot in the UK nearly 61 years ago and was long associated with punk rock and other subcultures.
In its last financial year, the company’s revenue reached £672 million, while earnings hit £184 million.