10th Oct 2023 19:27
(Alliance News) - Trustpilot Group PLC shareholder Northzone VI LP will trim its stake in the consumer reviews platform, selling shares worth roughly GBP13 million, according to transaction bookrunner Joh Berenberg, Gossler & Co KG.
Northzone, a venture capital fund will sell 12 million Trustpilot shares, worth GBP13.3 million at current prices, roughly 2.9% of the company's share capital. Trustpilot shares closed 3.8% higher at 110.60 pence each in London on Tuesday.
Northzone will sell the shares through an accelerated bookbuild process, with Berenberg acting as sole bookrunner and placing agent. The price per share will be determined during the bookbuild pricess.
Trustpilot will not receive any proceeds from the transaction.
Northzone first backed in Trustpilot back in 2011 as lead investor in a series A funding round. That round valued Trustpilot at EUR7 million.
Since then, Trustpilot has floated, joining the London Stock Exchange back in March 2021. It is currently valued at GBP462.9 million, though shares are down 58% from its 265p in initial public offering price.
By Eric Cunha, Alliance News news editor
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