Dr. Martens recorded an 18% annual increase in the group’s revenue to £ 318.2 million in the six months ended September 30.
Photographer: Simon Dawson / Bloomberg
Photographer: Simon Dawson / Bloomberg
Dr. Martens is considering an initial public offering on the London Stock Exchange, as the owner of Permira Holdings is trying to sell a stake in the iconic British shoemaker, amid stock market rallies.
The company does not intend to raise money in the IPO, according to a statement released Monday.
Permira has begun working with counselors in mid-2019 on how to download Dr. Martens and attracted interest from suitors, including the rival private equity firm Carlyle Group, Bloomberg News reported at the time. These discussions did not lead to an agreement with Permira either it is said to have revived investment exit plans last year.
Strong stock markets make IPOs an attractive exit option again, with the FTSE 100 benchmark publishing the best start to a recorded year. Investors are crowding into UK stocks, helped by the long-awaited Brexit deal and global growth optimism. Dr. Martens is the third company to set plans for a listing in London in two weeks.
Since paying 380 million euros ($ 463 million) for the bootmaker 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 listing trading, the company said on Monday, adding that it expects to be eligible for inclusion in the UK’s FTSE indexes. Another 15% will be made available in an over-allocation option.
Dr. Martens recorded an 18% annual 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 they rose 30% to 86.3 million pounds 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 ventures if the offer takes place. Lazard & Co. is the company’s financial advisor.