Trustpilot suspended for $ 1.4 billion London listing

A Trustpilot review. Photo: Trustpilot

Danish consumer rating service Trustpilot is targeting $ 1.4 billion (£ 1 billion) when it lists its shares in London later this month.

Trustpilot confirmed its intention to list on the London Stock Exchange later in March on Monday after it was announced that the application is about to be submitted.

The company has already received commitments from investors such as Fidelity, Adelphi, BlackRock (BLK) and Janus Henderson (JHG) to raise a total of $ 240 million through the IPO. The investment would give Trustpilot a post-money valuation of $ 1.4 billion.

New shares valued at $ 50 million will be issued in the IPO along with the sale of shares by existing investors, directors and employees. The company, directors and employees will agree to a post-IPO lockup period during which they will not be able to outsource any more shares, Trustpilot said.

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“Since 2007 we have been guided by the vision of becoming a universal symbol of trust and bringing companies and consumers together in order to promote trust and promote cooperation,” said managing director Peter Holten Mühlmann in a statement.

“During this time we have created a technology-oriented platform with a business model that supports rapid growth and maintains an attractive unit economy.

“Becoming a publicly traded company is the next natural step for us to continue this progress and I am delighted with the quality of the institutional support we have received.”

Trustpilot said the IPO fundraising would be used for growth and the repayment of corporate debt. Financial data was 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 compile a list in London comes on the same day that Deliveroo announced that the list would also be shared in the UK. London has seen a surge in IPO activity since the turn of the year, including other notable market players like Dr. Martens (DOCS.L) and Moonpig (MOON.L).

The story goes on

The UK government stands ready to revise stock exchange rules to make London an even more attractive market for tech and life science companies. The changes announced in advance were instrumental in attracting Deliveroo to the London market.

WATCH: Deliveroo plans to go public for $ 7 billion in London

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