Trustpilot targets billion-pound market cap in London IPO
Trustpilot Group PLC, the consumer review website, has confirmed that it is aiming to list on the London Stock Exchange in an initial public offering (IPO) through which it is aiming to achieve a £1bn market cap.
The company said it is aiming to list on the premium segment of the LSE’s main market and raise around US$50mln (£36.1mln) through the issue of new shares. Trustpilot said the funds will be used to support its growth plans and repay debts.
“I am very pleased to confirm Trustpilot’s intention to float on the London Stock Exchange. Since 2007 we have been guided by a vision to become a universal symbol of trust, bringing businesses and consumers together to foster trust and inspire collaboration”, chief executive Peter Holten Mühlmann said in a statement.
“In that time we have created a technology-led platform with a business model able to support rapid growth and sustain attractive unit economics. Becoming a listed company is the natural next step for us to continue this progress and I am delighted with the quality of institutional support we have received”, he added.
Unveiling its IPO plans at the start of March, the Copenhagen-headquartered business said it is eyeing a US$6.3bn market opportunity in the UK, the US and Europe as consumers often seek other people’s opinions before making online purchases.