Sunday 24 January 2021 12:08 pm

Dr Martens to announce cornerstone investors in £3.5bn London listing

Iconic footwear brand Dr Martens will launch a £3.5bn London listing tomorrow, with the retailer’s top management set to pocket multimillion-pound payouts.

Dr Martens is expected to announce tomorrow that it has secured cornerstone investors when it publishes the prospectus for a share sale ahead of the initial public offering (IPO) next month, The Sunday Times reported.

Read more: Dr Martens confirms plans to float on LSE

The stock market float will reportedly see chief executive Kenny Wilson – who joined the brand in 2018 – receive a £58m windfall.

The firm appointed Goldman Sachs and Morgan Stanley as joint global co-ordinators, and Barclays, HSBC, Merrill Lynch and RBC Europe as joint bookrunners.

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 reported revenue of £672m in the last financial year, ending 31 March 2020. 

The business posted group revenue of £318.2m in the six months ended 30 September 2020, growing 18 per cent year-on-year, despite the impact of the coronavirus pandemic, which has piled pressure on the retail sector.