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Trustpilot kicks off £1.1 billion London IPO in style

Holly Williams, PA Deputy City Editor
·2-min read

Customer review website Trustpilot has made a strong start to life on the London stock market, as shares jumped soon after its £1.08 billion initial public offering.

The Danish group, which allows customers to leave reviews of businesses, priced its shares at 265p each ahead of conditional dealings.

But the stock jumped 8% to 286.2p soon after opening, having surged as high as 308.5p at one stage.

The pricing, at the top end of its indicative price range, saw it raise £473 million after listing around 161 million shares by existing shareholders and new shares being issued, or a stake of about 43.6% in the firm.

It also had another 26.8 million available in a so-called over-allotment option.

The listing represents another win for London’s market, beating competition from across the pond.

It comes as takeaway giant Deliveroo is also gearing up for a London IPO later this month, having said on Monday it expects to be valued at up to £8.8 billion, marking one of the biggest public listings of the year.

Trustpilot has had more than 120 million customer reviews left on the site since it was formed in 2007.

While raising cash for its backers, the IPO also raised some £47 million for the firm itself to invest in its algorithms, as it aims to make it as easy as possible for consumers to share their opinions.

The group is also working to ensure that reviews are trustworthy and last year deleted 1.5 million fake or harmful reviews.

Its chief executive Peter Muhlmann recently said: “We believe that an IPO of the business will allow us to continue the momentum of recent years, providing a platform to deliver new products to more geographies, and succeed in our vision to become a universal symbol of trust.”