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Dr. Martens Plans to Go Public on London Stock Exchange

The boot brand loved by subcultures and supermodels will go public on the London Exchange.

Executives at the footwear brand on Monday confirmed plans to take the company public. The plan is to float about 25 percent of the company, but there wouldn’t be a sale of new shares since the shares to be sold will reflect the sale of those owned by parent firm Permira Group, according to Sky News.

Permira, a private equity firm, acquired the company from the Griggs family in 2013 from through its Luxembourg-based affiliate for 300 million pounds ($398 million).

There had been speculation last month that the footwear brand was headed to an initial public offering in the early part of 2021. Best known for its combat-style footwear, the brand retained Goldman Sachs and Morgan Stanley to execute its go-public strategy.

Dr. Martens reported in August that it sold 11.1 million pairs of shoes for the year ended March 31, and grew revenue 48 percent to 672.2 million pounds ($875 million).

In addition to footwear, the 73-year-old company also sells accessories and apparel.

Last year, Permira had tried to sell the Dr. Martens, but failed to find a buyer willing to pay close to its expected valuation. Financial Times reported that fellow private equity firm Carlyle had considered but passed on purchasing the company. Carlyle sold Golden Goose, a luxury sneaker brand, to Permira in February for 1.28 billion euros ($1.55 billion).