LONDON — There was no bell to ring on the floor of the London Stock Exchange Wednesday due to COVID-19 restrictions, but the market did its best to welcome Dr. Martens to the premium segment of the main exchange by posting a slick video highlighting the history of the brand.
Shares were made available to the general public on Wednesday under the ticker “DOCS,” and in mid-morning trading they were up 1.8 percent at 4.54 pounds compared with the previous day’s close. Shares tilted downward at the end of the day, dipping 0.2 percent to close at 4.45 pounds.
Until Wednesday, trading had only been open to the institutional investors who had been pre-allocated shares. The IPO was executed via a placing to institutional investors, and Blackrock was named as one of the group’s cornerstone backers.
Wednesday’s mid-morning price was 23 percent higher than the original offer price. The Dr. Martens shares had been set at 3.70 pounds, the top of the range, before the start of conditional trading on Jan. 29.
Dr. Martens confirmed on Wednesday that its entire issued ordinary share capital, consisting of 1,000,000,100 shares, had been admitted to the Official List of the Financial Conduct Authority, and to trading on the London Stock Exchange’s main market for listed securities.
On Friday, Dr. Martens private equity parent Permira said the offer had been oversubscribed eight times at 3.70 pounds, meaning that total market capitalization at the commencement of conditional dealings was approximately 3.7 billion pounds.
As reported, Permira confirmed that it plans to retain a 42.9 percent stake in the company.
Tara Alhadeff, partner at Permira, said over the past seven years “the brand has been transformed in scale and professionalism, making Dr. Martens one of the most successful single-brand businesses in the world.”
“The strategy has always been to run this brand for the next six decades, which has meant making considerable investments in people and operations, as well as always putting consumers and the brand at the heart of the business,” she said.