Classic boot brand Dr Martens said it had priced its initial public offering at 370 pence a share, giving it a market value of £3.7 billion when it starts trading later today. 

It will sell an additional 52.5 million shares on top of the initial 350 million shares sold, following heavy demand that saw the offer eight times oversubscribed, it said in a statement. 

Dr Martens' listing follows that of Polish locker business InPost on Wednesday and is one of several in the works as companies look to tap resurgent stock markets following the Covid-19 hit malaise of 2020 and as investors pile in. 

The listing will land a huge profit for majority owners Permira, which bought Dr. Martens in 2014 for just €380m. 

"We have been delighted by the strong levels of interest, engagement and support from such a high quality selection of institutional investors," the company's chief executive Kenny Wilson said. 

"The successful transformation of Dr Martens is a great story, and what is even more exciting is the huge potential ahead," he added.