British bootmaker Dr Martens started its London IPO in style on Friday, attracting bumper demand in a sale valuing the company at £3.7bn.
Dr Martens’ shares were up 19 per cent in their market debut after the company priced the deal at 370p a share, raising nearly £1.3bn.
Known for its chunky boots, Dr Martens is the first of several British IPO candidates to hit the market as issuers look to compensate for the dents on the economy in 2020.
The IPO marks a major win for Dr Martens majority owner Permira, a private equity firm which bought the company for £300m in 2014.
CEO hails ‘great story’
Kenny Wilson, CEO of Dr Martens, said: “We have been delighted by the strong levels of interest, engagement and support from such a high-quality selection of institutional investors.
“The successful transformation of Dr Martens is a great story, and what is even more exciting is the huge potential ahead.
“We are proud to take our place as a London listed company, both delivering as a successful plc and more importantly continuing to grow our brand around the world.”
Dr Martens could sell a further 52.5 million shares on top of the initial 350 million sold, following heavy demand.
Sales of the additional shares would mean over 40 per cent of its stock was publicly traded.
Big companies to follow suit
The Dr Martens listing follows that of Polish locker business InPost, which listed in Amsterdam on Wednesday with a valuation of $11.5bn, jumping 20 per cent on its debut.
British e-card retailer Moonpig is also preparing for a London IPO, while Deliveroo and Darktrace are among companies expected to announce similar plans later this year.
The rapid spread of a new Covid variant is expected to hit economies across the world, but the stock market has been resilient and demand remains strong.