(Alliance News) - Recently floated Dr Martens PLC on Friday said it has received notice that an over-allotment option was exercised, boosting the size of its initial public offering.
The boot maker said Goldman Sachs International gave notice on Friday to exercise the over-allotment option which was granted by majority shareholder IngreLux Sarl. IngreLux is owned by funds advised by Permira.
The over-allotment offer was in respect to 52.5 million shares at 370 pence each. It takes the total offer size to GBP1.49 billion.
Conditional dealings of Dr Martens shares became effective last week Friday, though Wednesday this week marked the first time unconditional dealings commenced.
Prior to the over-allotment option, it said it raised GBP1.30 billion in its IPO at 370 pence per share. A total of 350 million shares were sold by majority shareholder IngreLux, a Luxembourg company owned by funds advised by Permira, and other existing shareholders, which bought Dr Martens in 2014. No new shares were issued.
Shares in the company were marginally higher at 472.42p each in London on Friday morning.
The firm first outlined plans for an IPO earlier in January.
"We have been delighted by the strong levels of interest, engagement and support from such a high quality selection of institutional investors," said Chief Executive Kenny Wilson. "The successful transformation of Dr Martens is a great story, and what is even more exciting is the huge potential ahead."
Dr Martens launched its first boot in 1960, the eight-holed 1460 boot. It said it now sells 11 million pair of its boots annually in 60 countries but thinks there is room to expand in what it called a GBP341 billion global footwear market.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.