11th Oct 2023 10:25
(Alliance News) - Northzone VI LP sold a 3.1% stake in Trustpilot Group PLC, banking GBP13.4 million, investment bank Joh Berenberg, Gossler & Co KG confirmed on Wednesday.
The placing run by Berenberg was first announced after the London market close on Tuesday.
Northzone, a venture capital fund that has backed Trustpilot for the past 12 years, intended to sell 12 million Trustpilot shares, but sold 13.0 million instead at a price of 103 pence per share.
Trustpilot shares were down 7.4% to 102.10p on Wednesday morning in London.
Trustpilot will not receive any proceeds from the placing, as it was of existing shares.
Northzone retains 5.2 million Trustpilot shares. It 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 62% from its 265p in initial public offering price.
By Tom Waite, Alliance News editor
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