Dr Martens targets £3.7bn valuation in stock market float

PA

Bosses at Dr Martens hope the footwear company will be worth a little under £4 billion when it lists on the Stock Exchange in London for the first time next week.

The shoe brand said it will set a 370p-per-share offer price when it floats next Wednesday, February 3.

That will imply a valuation of £3.7 billion for the company, which is making 35% of the business available to investors.

Chief executive Kenny Wilson 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.”

Bosses are hoping that flotation will help it expand the famous footwear brand, taking it out of private hands.

It is currently owned by private equity firm Permira, which plans to retain a stake after the float.

Dr Martens boots are already sold in more than 60 countries, and customers buy around 11 million pairs every year. However the brand sees room for further expansion.

Announcing the growth plans a few weeks ago, Mr Wilson said the brand has “significant global growth potential”, and eyed the further investment that a stock market listing could bring.

However, he and his fellow executives will not be able to cash in straight away.

Dr Martens management, directors, employees and some former executives will not be allowed to sell their shares for at least a year, while other owners will be locked in for 180 days.

However, on the day, Permira will sell 350 million shares, netting it around £1.3 billion if it manages to hit the 370p share price.

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