Trustpilot is now valued at approximately $1.5 billion following a successful public offering.
Online review platform Trustpilot Group Plc stock jumped approximately 11% to trade around 295 pence as of 8:13 a.m. London time. The surge in Trustpilot stock on Tuesday was attributed to a strong IPO debut that helped the company raise $655 million. Hereby, Trustpilot is now valued at approximately $1.5 billion following a successful public offering.
According to Bloomberg, venture capitals that backed the company raised approximately ?427 million by selling 161 million existing shares in the initial public offering. Otherwise, the company itself raised approximately ?47 million.
Some of the investment firms that participated in the Trustpilot funding before the IPO include FIL Investments International, Capital Research Global Investors, BlackRock, Adelphi Capital, Caledonia Investments Plc, and Janus Henderson Group Plc.
The strong demand in the company’s shares prompted it to close its order book in less than hours after it was opened last week. Reportedly, the company has put extra 26.8 million shares for sale from existing shareholders in an over-allotment option.
Some of the notable private investors who were included in the company’s filings are Draper Esprit with 16.9% stake, Seed Capital with 17% stake, Vitruvian Partners with 17%, and Peter Holten the Trustpilot CEO with 4.39% stake.
Trustpilot’s initial public offering marks a new relationship between London and the European Union after Brexit. More companies are expected to list through the London exchange following the Brexit.
Founded over a decade ago, 2007, the company has significantly helped businesses and consumers transact seamlessly online. Notably, Trustpilot offers consumers a powerful voice and all companies a way to listen, respond and continually improve their services. With the coronavirus pandemic having shifted most businesses to online models, Trustpilot has gained popularity in a short period.
According to the company’s website, it has provided over 122 million reviews to over 560k websites. Besides, the company makes 6.5 billion monthly impressions on its TrustBox widgets. The firm has over 700 employees and has its opening over 47 countries.
Trustpilot offers a free platform for consumers to rate services offered by different global businesses thus providing a basis for other consumers to shop with confidence. As a result, the company depends on more consumers to provide insights to other consumers through its platform. However, the company is prone to fake reviews that may damage businesses’ reputations.
Reportedly, Trustpilot removed 2.2 million fake or harmful reviews last year. With that in mind, online shoppers are highly advised to take negative reviews on Trustpilot platform with the seriousness it deserves.
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