Classic British boot brand Dr Martens says it will pursue a London stock market listing, which would value the company at about US$2.7 billion.
Private equity owner Permira will sell part of its stake in the IPO, alongside other existing shareholders, Dr Martens said in a statement.
Permira bought Dr Martens – known for its yellow stitching and a youth culture staple – in 2014 for $463.26 million.
The boot maker was founded in 1947 and had revenues of $906 million in the year to last March 31, a company statement said.
No new shares will be issued as part of the IPO, which would give the company a free float of at least 25 per cent, it added.
Since taking control of Dr Martens, Permira has expanded the firm’s global presence, reporting an average 20 to 30 per cent revenue growth in recent years.
Goldman Sachs and Morgan Stanley are joint global co-ordinators for the offering, and Barclays, HSBC, Bank of America-Merrill Lynch and RBC Europe are joint bookrunners. Lazard is financial adviser.
- Reporting by Carolyn Cohn and Abhinav Ramnarayan. Editing by Rachel Armstrong, Kirsten Donovan, of Reuters.