Dr. Martens has announced its intention to float on the London Stock Exchange, with admission currently expected to occur in early February 2021.
The shoe retailer has confirmed its plans to apply for admission of the company’s shares to the premium listing segment of the Official List of the FCA.
The offer will comprise a secondary sell-down of existing shares by IngreLux S.àr.l., a Luxembourg company owned by funds advised by Permira, and certain other existing shareholders within the company.
Immediately following admission, the group said it will target a “free float” of at least 25% of issued share capital and expects that it would be eligible for inclusion in the FTSE UK Page 2 indices.
In addition, it is expected that shares representing up to a further 15% of the offer will be made available pursuant to an “over-allotment option”.
The company, its directors and all existing shareholders are expected to agree to customary lock-up arrangements, which will restrict the disposal of shares for a period of time following admission.
The group said it has engaged Goldman Sachs International and Morgan Stanley as joint global coordinators, as well as Barclays, HSBC, Merrill Lynch International and RBC Europe as joint bookrunners for the offer. Additionally, Lazard and Co will act as financial adviser for the company.