Dr Martens Steps Onto Stock Market With ?3.7 Bn Value

British footwear group Dr Martens entered the London Stock Exchange Friday, valuing the iconic brand at ?3.7 billion (5.1 billion, 4.2 billion euros).

The maker of boots and shoes, whose internet sales have boomed worldwide during the coronavirus pandemic, immediately jumped above its initial public offering (IPO) of 370 pence a share to open at 425 pence.

Full trading, when institutional investors will be joined by individual buyers, starts on Wednesday.

"We have been delighted by the strong levels of interest, engagement and support from such a high quality selection of institutional investors," Dr Martens chief executive Kenny Wilson said in a statement Friday.

"We are proud to take our place as a London-listed company..., continuing to grow our brand around the world."

Private-equity group Permira, which seven years ago bought Dr Martens for ?300 million, led the flotation of 35 percent of the group.

Dr Martens' revenue jumped by around one-fifth to ?318 million in the six months to September 2020 from a year earlier.

London's stock market is set for a strong year in terms of flotations, according to analysts, who argue that Brexit and pandemic offer firms a unique opportunity to expand.

Various big-name businesses that have seen booming online demand from home-bound customers during Covid-19 lockdowns have revealed eye-catching plans for initial public offerings (IPOs) in recent weeks.

Clarity over Britain's final departure from the European Union on January 1 has meanwhile acted as a catalyst for many companies to raise funds.

App-driven meals delivery service Deliveroo and online greetings card seller Moonpig have also outlined plans to list.