Dr. Martens posted an 18% increase in the group’s revenue from the previous year, to £ 318.2 million in the six months ending September 30.
Photographer: Simon Dawson / Bloomberg
Photographer: Simon Dawson / Bloomberg
Dr. Martens is considering an initial public offering on the London Stock Exchange, while owner Permira Holdings seeks to sell a stake in the iconic British bootmaker amid rising stock markets.
The company does not plan to raise money on the IPO, according to a statement released on Monday.
Permira started working with consultants in mid-2019 on ways to download Dr. Martens and attracted the interest of suitors, including rival private equity firm Carlyle Group, Bloomberg News reported at the time. These discussions did not result in an agreement and Permira said it had reactivated plans to exit its investment last year.
Strong stock markets are making IPOs an attractive exit option once again, with the FTSE 100 benchmark showing its better to start a registered year. Investors are investing in UK stocks, helped by a long-awaited Brexit deal and optimism for global growth. Dr. Martens is the third company to make plans for a listing in London in two weeks.
Since paying 380 million euros ($ 463 million) for the boot manufacturer in 2014, Permira has increased 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 after the listing, the company said on Monday, adding that it expects to be eligible for inclusion in the UK’s FTSE indices. Another 15% will be made available in an additional batch option.
Dr. Martens posted an 18% year-over-year increase in the group’s revenue to £ 318.2 million ($ 430 million) in the six months ended September 30, while earnings before interest, taxes, depreciation and amortization increased 30% to £ 86.3 million in that period, according to the statement.
Goldman Sachs Group Inc. and Morgan Stanley are joint global coordinators, while Barclays Plc, BofA Securities, HSBC Holdings Plc and Royal Bank of Canada will be joint brokers in the event that the offer results. Lazard & Co. is the company’s financial advisor.