Dr Martens’ £2bn flotation

DR Martens is aiming for stock market listing next month – with a value of £2bn or more.

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’ private equity owner will be selling 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. But other FTSe indices, such as the FTSe All Share or FTSe AIM 100 Index include much smaller firms.

Goldman Sachs, Morgan Stanley, Barclays, hSBC, BofA Securities, RBC Capital Markets and Lazard have all been hired to help with the flotation.

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 firm’s revenue reached £672m, while earnings hit £184m.

even during the pandemic the business has managed to grow.

Chief executive Kenny Wilson said last week the float reflects what the firm 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.’