Dr Martens has confirmed it intends to float on the main market of the London Stock Exchange, with admission currently expected in early February.
The company intends to apply for admission of the shares to the premium listing segment of the Official List of the Financial Conduct Authority, and to trading on the London Stock Exchange’s main market for listed securities.
Dr Martens is targeting a free float of at least 25 per cent of issued share capital and expects that it would be eligible for inclusion in the FTSE UK indices.
In addition, it is expected that shares representing up to a further 15 per cent of the offer will be made available pursuant to an over-allotment option.
The iconic footwear brand has engaged Goldman Sachs and Morgan Stanley as join global co-ordinators, and Barclays, HSBC, Merrill Lynch and RBC Europe as joint bookrunners as the float proceeds. Lazard has been appointed as financial adviser to the company.
Dr Martens sells more than 11 million pairs of shoes annually in more than 60 countries, and enjoyed revenues of £672m in its last financial year, ending 31 March 2020.
The business had group revenue of £318.2m in the six months ended 30 September 2020, growing 18 per cent year-on-year, defying the challenges created by the coronavirus pandemic, which has caused many retail brand to suffer.