Bumper demand for Dr. Martens IPO values it at more than $5 billion

FILE PHOTO: A pair of Dr. Martens boots, a bottle of hand sanitiser, and social distancing signage seen through the window of a Dr Martens shop amid the outbreak of the coronavirus disease (COVID-19) in London, Britain, September 17, 2020. REUTERS/Simon Newman

LONDON (Reuters) – Classic boot brand Dr. Martens said it had priced its initial public offering at 370 pence a share, giving it a market value of 3.7 billion pounds ($5.08 billion) when it starts trading later on Friday.

It will sell an additional 52.5 million shares on top of the initial 350 million shares sold, following heavy demand that saw the offer eight times oversubscribed, it said in a statement.

Dr Martens’ listing follows that of Polish locker business InPost on Wednesday and is one of several in the works as companies look to tap resurgent stock markets following the COVID-19 hit malaise of 2020 and investors pile in.

The listing will land a huge profit for majority owners Permira, which bought Dr. Martens in 2014 for just 380 million euros ($460.10 million).

“We have been delighted by the strong levels of interest, engagement and support from such a high quality selection of institutional investors,” said Chief Executive Kenny Wilson.

“The successful transformation of Dr. Martens is a great story, and what is even more exciting is the huge potential ahead.”

Source: Read Full Article