// Dr Martens announces plans to trade on the main market of the London Stock Exchange
// It could be one of the first big IPOs of the year
// Dr Martens says the IPO could help it expand further internationally
Dr Martens has unveiled plans to float on the stock market as part of wider plans to expand the business.
In what would be one of the first big initial public offerings (IPO) of the year, the footwear retailer confirmed that it wanted to trade on the main market of the London Stock Exchange.
As part of the IPO, Dr Martens’ current owner, private equity group Permira, would sell down its stake in the business.
- Dr Martens owner hires Wall Street banks to lead stock market float
- Dr Martens eyes UK stock market float in early 2021
- Dr Martens celebrates “exceptional growth”
Dr Martens sells more than 11 million pairs of footwear each year in more than 60 countries, and in the year to March 2020 it raked in revenues of £672 million and recorded EBITDA of £184 million.
The retailer said its believes it now has a “significant opportunity” to expand in the £341 billion global footwear market, and that its IPO could help it expand further overseas.
“The announcement of our intention to float reflects the great achievements of the Dr Martens team and brand over the past seven years,” chief executive Kenny Wilson said.
“Even more important is the significant global growth potential for Dr Martens in the future.”
The news comes around two months after it was reported that Permira had appointed Goldman Sachs and Morgan Stanley to act as global coordinators on IPO.