Twitter LinkedIn
    Saturday, July 2
    Login
    0 Shopping Cart
    Twitter LinkedIn
    Private Equity InsiderPrivate Equity Insider
    • About Us
    • Digital Events
    • Our Network
      • Reach
      • Sponsors
      • Members
    Private Equity InsiderPrivate Equity Insider
    Home»IPO»Dr Martens boss set for ‘£58m windfall’ in stock market listing
    IPO

    Dr Martens boss set for ‘£58m windfall’ in stock market listing

    January 24, 20212 Mins Read
    LinkedIn Facebook Twitter Email WhatsApp
    Share
    LinkedIn Facebook Twitter Email WhatsApp

    Bosses at iconic British bootmaker Dr Martens are set for a bumper pay day as its London stock market listing edges closer.

    This month, the company confirmed it would IPO, floating after more than 60 years in business.

    Final offer pricing will be announced following the book-building process, although it has been reported that bankers indicated it could be worth as much as £3.5bn ($4.8bn).

    The Sunday Times reported this morning that that would mean multimillion-pound windfalls for many of its senior staff, £58m of which could go to its relatively new chief executive.

    Kenny Wilson, who joined from Cath Kidston in 2018, can expect an enormous payday, while £350m will be up for grabs for 22 other senior staff, according to the paper.

    Goldman Sachs (GS) and Morgan Stanley (MS) are joint global coordinators for the offering, while Barclays (BCS), HSBC (HSBA.L), Bank of America-Merrill Lynch (BAC) and RBC Europe have been roped in as joint bookrunner in Europe.

    The official statement to list last week firmed up intentions to float released on the 11 January.

    Dr Martens appears to have weathered the economic fallout of the coronavirus pandemic well, despite it taking a toll on the retail sector overall. Its group revenue was £318m in the six months ended 30 September 2020, a rise of 18% year-on-year.

    It repaid its furlough money back to the British government in August following good financial results.

    The company sells more than 11 million pairs of shoes every year in around 60 countries.

    The float comes nearly seven years after the company was bought by private equity group Permira Sales for £300m. Sales under the new ownership have surged, rising from £160m in 2013 to £672m in the year to March 2020.

    Read more/Source: Week ahead: Digital Davos, UK jobs data, US GDP and Biden’s first week

    The company has said there would be no sale of new shares in the IPO, which would give the company a free float of at least 25%. It expects that it would be eligible for inclusion in the FTSE UK indices.

    It is also expected that shares representing up to a further 15% of the offer will be made available pursuant to an over-allotment option.

     

    Source: Yahoo Finance

    Image Source

    Related

    Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.

    2021 investment Investments IPO IPOs PE Insider Private Equity
    Share. LinkedIn Facebook Twitter Email WhatsApp

    Related Posts

    Carlyle hires BlackRock’s McNeely to work with biggest clients

    July 1, 2022

    Permira considers sale of Funds Platform Alter Domus

    July 1, 2022

    Riveron, an H.I.G. Capital Portfolio Company, acquires Clermont Partners

    July 1, 2022

    ARCH Venture Partners closes $2.975bn Fund XII

    July 1, 2022

    Comments are closed.

    Other Articles

    Chinese Regulator Vows to Crack Down on Private Equity Funds

    August 31, 2021

    Spark accepts $5.2bn takeover bid from American consortium

    August 24, 2021

    T. Rowe Price completes $4.2 billion acquisition of New York investment firm

    January 3, 2022

    Blackstone-Backed Asian Buyout Firm PAG Files for $2 Billion IPO

    March 25, 2022

    Private Equity Insider LLC
    1212 Avenue of the Americas
    New York City 10036
    USA

    [email protected]

    Twitter LinkedIn
    © 2022 Private Equity Insider LLC. All rights reserved.
    • About
    • Terms of Use
    • Cookie Policy
    • Privacy Policy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.

    View Cart Checkout Continue Shopping

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Lost password?