Jan 29, 2021
Dr Martens’ shares leap as Moonpig expands IPO
Shares in Dr Martens jumped to a 14 per cent premium over its initial public offering price on Friday as Moonpig indicated it would also price its forthcoming float at the top end of the range. The iconic British boot brand once beloved of punks and skinheads had priced its offering at 370p a share, giving it a market capitalisation on admission of £3.7bn. By mid-morning on Friday the shares were trading at 423p in conditional dealing, where settlement is deferred until unconditional trading begins on February 3. Online greetings card retailer Moonpig said it was accelerating its own stock market flotation and would price its offer at the top end of the 310p-350p range - implying a market value of £1.2bn. Existing shareholders, led by private equity group Exponent, will sell more than initially planned with the total deal size expected to reach £549m assuming the "Greenshoe" - which gives underwriters the option to sell more shares if demand is strong - is exercised. The IPO had previously been expected to raise £422m, mostly from sales of shares by existing investors. Dr Martens' existing shareholders will sell 350m shares for a total offer size of £1.3bn that will represent 35 per cent of its issued share capital.
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