3rd Feb 2021 08:56
(Alliance News) - Iconic boot maker Dr Martens PLC on Wednesday said its entire share capital has begun trading on London's Main Market.
Conditional dealings of its shares became effective last week Friday, though Wednesday marks the first time unconditional dealings have commenced.
The company raised GBP1.30 billion in its initial public offering at 370 pence per share. A total of 350 million shares were sold by majority shareholder IngreLux Sarl, a Luxembourg company owned by funds advised by Permira, and other existing shareholders, which bought Dr Martens in 2014. No new shares were issued.
The stock was up 0.6% at 448.71p each in London on Wednesday morning.
The bookbuild process was coordinated by Goldman Sachs International and Morgan Stanley & Co International. Barclays Bank PLC, HSBC Bank PLC, Merrill Lynch International and RBC Europe Ltd were joint bookrunners. Lazard & Co Ltd was acting as Dr Martens' financial adviser.
The firm first outlined plans for an IPO earlier in January.
"We have been delighted by the strong levels of interest, engagement and support from such a high quality selection of institutional investors," said Chief Executive Kenny Wilson. "The successful transformation of Dr Martens is a great story, and what is even more exciting is the huge potential ahead."
Dr Martens launched its first boot in 1960, the eight-holed 1460 boot. It said it now sells 11 million pair of its boots annually in 60 countries but thinks there is room to expand in what it called a GBP341 billion global footwear market.
By Eric Cunha; [email protected]
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