Dr. Martens posted a year-over-year increase of 18% in group sales to £ 318.2 million in the six months ended September 30.
Photographer: Simon Dawson / Bloomberg
Photographer: Simon Dawson / Bloomberg
Dr. Martens is considering an IPO on the London Stock Exchange as owner Permira Holdings tries to sell a stake in the iconic British boatmaker amid rising stock markets.
The company does not intend to raise money on the IPO, said one statement released on Monday.
Permira started work with advisors in mid-2019 on ways to improve Dr. Martens and sparked interest from suitors, including rival private equity firm Carlyle Group, Bloomberg News reported at the time. Those discussions did not lead to an agreement and Permira would have revived plans to end its investment last year.
Strong stock markets make IPOs another attractive exit option, with the benchmark being the FTSE 100 Index best start to a record year. Investors are piling up in UK equities, helped by a long-awaited Brexit deal and global growth optimism. Dr. Martens is the third company to make plans for a listing in London within two weeks.
Since paying 380 million euros ($ 463 million) for the bootmaker in 2014, Permira has increased the brand’s global presence by opening new stores and expanding its e-commerce offering.
At least 25% of the share capital of Dr. Martens will be available for trading after listing, the company said Monday, adding that it expects to be eligible for inclusion in the FTSE UK indices. An additional 15% will be made available in an over-allotment option.
Dr. Martens posted a year-over-year increase in group sales of 18% to 318.2 million pounds ($ 430 million) in the six months ended September 30, while earnings before interest, taxes, depreciation and amortization were up 30% up to £ 86.3 million according to the statement during that period.
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 bookrunners should the offer go through. Lazard & Co. is the company’s financial advisor.