Trustpilot shares jump on debut as firm hits top of offering range
By Frank Prenesti
Date: Tuesday 23 Mar 2021
(Sharecast News) - Shares in online review platform Trustpilot rose sharply on market debut Tuesday, beyond the initial offering pricing of 265p a share, as investors continued to show an appetite for tech shares.
Trustpilot was valued originally at £1.08bn, but the stock opened up 13% at 300p in conditional trading.
The offering will raise £473m for the company. On Monday, online food takeaway platform Deliveroo priced its float at as much as £8.8bn.
They join a welter of technology companies that have floated, or plan to float on the London market in recent months, with investors rushing to invest firms such as greeting cards maker Moonpig and iconic shoe brand Dr Martens.
Trustpilot was founded in 2007 by chief executive Peter Muhlmann in his parents' garage in Denmark.
The company operates both free and paid-for subscription services, offering companies the ability to use its reviews in their marketing. It currently has more than 19,500 subscribers paying an average of $5600, creating recurring revenue in 2020 of $119m, the company said.
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