Yahoo Finance Trustpilot set for $1.4bn London stock market listing
Danish consumer reviews service Trustpilot is aiming to be valued at $1.4bn (£1bn) when it lists its shares in London later this month.
Trustpilot on Monday confirmed its intention to float on the London Stock Exchange later in March, following an announcement that it was on the cusp of applying.
The company has already secured commitments from investors including Fidelity, Adelphi, BlackRock (BLK) and Janus Henderson (JHG) to raise a total of $240m through the initial public offering. The investment would give Trustpilot a post-money valuation of $1.4bn.
$50m-worth of new shares will be issued in the IPO alongside the sale of shares by existing investors, directors, and employees. The company, directors, and staff will agree to a post-float lock-up period during which time they will be unable to offload any further shares, Trustpilot said.
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"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."
Trustpilot said funds raise in the IPO would be put towards growth and repaying company debts. Financials were not disclosed but will follow in a prospectus.
Morgan Stanley (MS), JP Morgan (JPM), Berenberg, and Danske Bank (DANSKE.CO) are all working on the float.
Confirmation of Trustpilot's intention to list in London comes on the same day that Deliveroo said it too would list shared in the UK. London has seen an urge in IPO activity since the turn of the year, with other notable market entrants including Dr Martens (DOCS.L) and Moonpig (MOON.L).
The UK government are poised to overhaul stock market rules to make London an even more attractive market for tech companies and life sciences businesses. The pre-announced changes were key in attracting Deliveroo to the London market.
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