// Dr Martens has confirmed its intention for a London stock listing
// Its final valuation would be led by Morgan Stanley and Goldman Sachs
// The business operates in 60 countries and sells over 11 million pairs of shoes per year
Dr Martens has confirmed its intention to float on the London Stock Exchange, which would result in a valuation in excess of £3 billion.
The retailer said it intended to apply for a premium listing on the LSE, and said its final valuation would be led by Morgan Stanley and Goldman Sachs.
Chair Paul Mason said the proposed listing “marks an important milestone for Dr Martens” following investments in the group’s operations and leadership to “build the business to match the scale and potential of our brand”.
As part of the IPO, Dr Martens’ current owner, private equity group Permira, will sell down its stake in the business.
The retailer said its believes it now has a “significant opportunity” to expand in the £341 billion global footwear market, and that its IPO will help it expand further overseas.
Dr Martens saw its sales rise during the Covid-19 pandemic.
Sales in the six months to September 30 rose by 18 per cent year-on-year to £318.2 million and EBITDA increased 30 per cent to £86.3 million.
Dr Martens direct-to-consumer division delivered a 34 per cent growth in the six months to September 30.
The business, which operates in 60 countries and sells over 11 million pairs of shoes per year, is banking on the continued growth of its direct to consumer channel.