Dr Martens considers the London IPO

The company, which sells 11 million pairs of shoes a year in more than 60 countries, said in a statement on Monday that an IPO would result in the sale of at least 25% of its shares by existing owners, including private equity firm Permira. . No new shares will be issued.
Dr Martens joins a growing list of companies that could list in London this year. Although no one has confirmed the offers, food delivery company Deliveroo, McLaren Group, Jaguar Land Rover and craft brewer BrewDog can look at stocks, according to stockbroker IG.

Susannah Streeter, senior investment and market analyst at Hargreaves Lansdown, said the Brexit trade agreement and an early implementation of Covid-19 vaccines boosted sentiment towards UK investments.

After losing 14.3% in 2020, the FTSE 100 (UKX) is 5.5% higher than the year S&P 500’s (SPX) 1.8% profit, data from Refinitiv shows. The S&P 500 climbed 16.3% last year.

“The interest in IPOs has also been boosted by the madness surrounding the Airbnb and Doordash IPOs in the US that have been greatly overwritten,” Streeter told CNN Business. Dr Martens has benefited from a move to online shopping during the pandemic, but it also depends on ‘fickle fashion tastes’ that may change in the future, she added.

The British brand introduced its distinctive eight-hole 1460 shoe in 1960 in 1960. According to the company’s website, it was initially worn by postmen and factory workers, but later picked up by ska-loving young people who advocated the British working class style.

Pete Townshend of English rock band The Who became the first celebrity to wear it, transforming a workwear boot into a symbol of rebellious youth culture.

Permira has Dr. Martens bought in 2014 for € 380 million ($ 462 million) and invests in its direct-to-consumer channels, including physical stores and e-commerce owned by the company.

Despite the fact that the majority of its stores were closed for months due to the pandemic, revenue increased by 18% during the six months to September 30 to £ 318 million ($ 428 million) compared to the same period in 2019, according to the submission.

The company sold 5.5 million pairs of shoes during that period – 700 000 more compared to the previous year – and double it revenue from e-commerce.

CEO Kenny Wilson said the brand has significant global growth potential in the future. “Our iconic brand appeals to a variety of consumers around the world who wear our shoes to express their individual style,” he added.

– Julia Horowitz contributed reportg.

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