Investor demand means famous boot brand’s IPO is eight times oversubscribed
Dr Martens will make its stock market debut at 370p a share, giving it a valuation of £3.7bn at the top end of its range after keen investor demand for the famous boot brand meant the offer was eight times oversubscribed.
As part of the flotation, the company’s private equity owner, Permira, and other existing shareholders have sold 350m shares at 370p each that will result in them splitting a £1.29bn windfall. The stake of the Griggs family, who sold to Permira for £300m in 2013 but retained a near 10% shareholding, is worth £129m of the windfall. Permira owns about 75% of Dr Martens, making its share about £970m.
