Dr Martens Aims For Stock Market Listing Next Month
By AUGUST GRAHAM - Jan 18, 2021
The business hopes to be included in one of London’s FTSE indexes
Dr Martens could be listed on the Stock Exchange in London by the start of next month and hopes to be included in a FTSE index, the business said on Monday.
The footwear firm confirmed its intention to launch an initial public offering (IPO), a process companies go through when their shares first start trading.
Dr Martens’ current private equity owner will be selling off some of its shares in the IPO.
Around a quarter of the company’s shares are expected to be traded publicly after the float, and Dr Martens “expects that it would be eligible for inclusion in the FTSE UK indices”.
There are several FTSE indices in London, with the FTSE 100 and FTSE 250 incorporating some of the UK’s biggest publicly traded companies. However, other FTSE indices, such as the FTSE All Share or FTSE AIM 100 Index include much smaller firms.
Dr Martens said in a statement: “The company intends to apply for admission of the shares to the premium listing segment of the Official List of the FCA (Financial Conduct Authority) and to trading on the London Stock Exchange’s main market for listed securities.
“The final offer price in respect of the offer will be determined following a book-building process, with admission currently expected to occur in early February 2021.”
Goldman Sachs, Morgan Stanley, Barclays, HSBC, BofA Securities, RBC Capital Markets and Lazard have all been hired to help with the floatation.
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.
Even during the pandemic the business has managed to grow.
Chief executive Kenny Wilson said last week that the float reflects what the Dr Martens team has achieved in recent years.
“Our iconic brand appeals to a diverse range of consumers around the world who wear our footwear to express their individual style,” he said.
“We have invested massively to ensure that we deliver the best digital and store experiences to connect with our wearers, and through this we are driving our long-term, sustainable growth.”
Dr Martens Set To Float On London Stock Exchange
By HENRY SAKER-CLARK - Jan 11, 2021
The company is currently owned by private equity firm Permira, which would sell down its stake as part of the stock market listing.
Dr Martens has revealed plans to float on the London Stock Exchange in a move it hopes will help expand the famous footwear brand.
The company, which is best known for its chunky boots, is currently owned by private equity firm Permira, which would sell down its stake as part of the stock market listing.
Dr Martens sells in excess of 11 million pairs of footwear annually in more than 60 countries.
Kenny Wilson, chief executive of the company, highlighted its “significant global growth potential” in the future as it hopes to expand further through increased investment.
A member of staff at the Dr Martens shop in Edinburgh’s Princes Street (Jane Barlow/PA)
The retail brand, which launched its first boot in 1960, posted £672 million in revenues in the financial year to March 31.
Over the same period, the company also delivered £184 million in earnings.
It also reported group revenues of £318.2 million for the six months to September, delivering 18% growth year-on-year despite the impact of the pandemic.
The brand sells a large proportion of its products through partner retailers, but said it wants to continue the expansion of its own retail operations.
Dr Martens runs 130 of its own stores across the globe, while sales from its own online business have grown to represent a fifth of all its revenues.
Mr Wilson said: “The announcement of our intention to float reflects the great achievements of the Dr Martens team and brand over the last seven years.
“Our iconic brand appeals to a diverse range of consumers around the world who wear our footwear to express their individual style.
“We have invested massively to ensure that we deliver the best digital and store experiences to connect with our wearers, and through this we are driving our long term, sustainable growth.”
The retail brand, which launched its first boot in 1960, posted £672 million in revenues in the financial year to March 31.
Over the same period, the company also delivered £184 million in earnings.
It also reported group revenues of £318.2 million for the six months to September, delivering 18% growth year-on-year despite the impact of the pandemic.
The brand sells a large proportion of its products through partner retailers, but said it wants to continue the expansion of its own retail operations.
Dr Martens runs 130 of its own stores across the globe, while sales from its own online business have grown to represent a fifth of all its revenues.
Mr Wilson said: “The announcement of our intention to float reflects the great achievements of the Dr Martens team and brand over the last seven years.
“Our iconic brand appeals to a diverse range of consumers around the world who wear our footwear to express their individual style.
“We have invested massively to ensure that we deliver the best digital and store experiences to connect with our wearers, and through this we are driving our long term, sustainable growth.”
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