The owners of Dr Martens aim to raise close to £1.3 billion from a London listing of the classic boot brand, according to a lead manager. 

The company, known for its yellow stitching and chunky soles, will sell 350 million existing shares somewhere between 330 and 370 pence per share, according to a bookrunner. 

This suggests a deal size of between £1.15-1.295 billion and a valuation of around £3.3-3.7 billion. 

A second bookrunner said later that the deal was "covered" throughout the range on the full deal size; which means that investor demand has matched the targeted deal size at the top end of the price range. 

Dr Martens is one of several IPOs that have kicked off in Europe this year, as issuers look up to make up for a quiet 2020, when the spread of Covid-19 wreaked havoc on economies and dulled stock market listing volumes in Europe. 

E-card retailer Moonpig is also making preparations for a London IPO, while Poland's InPost looks set for an Amsterdam listing and AUTO1 is on track for a Frankfurt listing. 

Private equity fund Permira, which bought Dr Martens in 2014 for €380m, will sell part of its stake in the IPO alongside other existing shareholders.