Last checked at 
* IPO prices at 370 p/share, raising nearly 1.3 bln stg
* Offer oversubscribed by eight times
* Shares up 19% in early deals
(Adds detail from statement, share reaction)
By Simon Jessop and Abhinav Ramnarayan
LONDON, Jan 29 (Reuters) - Classic boot brand Dr. Martens
kicked off its London IPO in style on Friday, attracting bumper
demand in a sale valuing the company at more than $5 billion
that is likely to spur other British companies to follow suit.
Dr. Martens' share were up 19% in their market debut after
the company priced the deal at the top of an indicative range at
370 pence, raising nearly 1.3 billion pounds and giving it a
market capitalisation of 3.7 billion pounds ($5.07 billion).
Dr. Martens, known for its chunky boots with yellow
stitching, is the first of several British IPO candidates to hit
the market, as issuers look to make up for 2020 when the spread
of COVID-19 wreaked havoc on economies and dented stock market
listing volumes in Europe.
The IPO also marks a major win for Dr Martens majority
owner, private equity firm Permira, which bought the company in
2014 for 380 million euros ($460.10 million).
"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 could sell a further 52.5 million shares on top
of the initial 350 million shares sold, following heavy demand.
The offer was eight times oversubscribed, it said in a
statement. Sale of the additional shares would mean 40.3% of its
stock was publicly traded.
The Dr Martens listing follows that of Polish locker
business InPost, which listed in Amsterdam on
Wednesday with a valuation of 9.5 billion euros ($11.50 billion)
and jumped 20% on its debut.
In Britain, e-card retailer Moonpig is also making
preparations for a London IPO, while others such as Deliveroo
and Darktrace are among companies expected to announce plans for
substantial listings later in the year.
The rapid spread of a new coronavirus variant is expected to
hit economies in Britain and beyond, but the stock market has
remained resilient and demand for tech and growth firms remains
strong.
Goldman Sachs and Morgan Stanley were joint
global co-ordinators for Dr Martens IPO, and Barclays,
HSBC, Bank of America and RBC Europe were joint
bookrunners. Lazard was financial adviser.
($1 = 0.8259 euros)
($1 = 0.7300 pounds)
(Additional reporting by Julien Ponthus. Editing by Jane
Merriman)
