Dr Martens PLC (LSE:DOCS) said it largest shareholder, private equity group Permira, sold a 6.5% stake in the company, a year after bringing the shoemaker to market.
Permira, via its Luxembourg-based IngreLux fund, sold roughly 65mln shares at a price of 395p for total proceeds of around £257mln.
It still owns over 364mln shares, representing around a 36.4% holding.
The UK-based investment group acquired control of Dr Martens in 2013 for £300mln. It floated it back on the market last January via an initial public offering (IPO), leading to a market valuation of some £3.7bn.
The IPO was priced at 370p and the shares rose to a high above 520p in February.
Permira’s remaining shares will be subject to a 90-day lock-up.
Shares in Dr Martens were down 8.64% at 385p in midmorning.