LONDON — Dr. Martens is expected to make its debut on the London Stock Exchange early next week with a market capitalization ranging from 3.30 billion pounds to 3.70 billion pounds, according to the company which, kicked off its roadshow Jan. 25.
Dr. Martens’ private equity parent Permira — which purchased the bootmaker in 2013 for 300 million pounds — will retain a majority stake in the company. Based on the current figures, Permira’s equity will be worth around 2.6 billion pounds. The Munich-based luxury e-tailer is now valued at $3 billion, up 87 percent from where the New York Stock Exchange offering was initially priced for institutional investors late Wednesday.
The company said the e-commerce channel has been one of the key contributors to the brand’s “substantial growth,” and is expected to continue to be the main driver in the coming years. In the 12 months ended March 31, 2020, Dr. Martens generated revenue of 672.2 million pounds and EBITDA of 184.5 million pounds. Revenue grew 18 percent year-on-year to 318.2 million pounds in the six months ended Sept. 30, 2020, while EBITDA was 86.3 million pounds for the same period, growing 30 percent year-on-year.
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