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(Alliance News) - Northzone VI LP intends to sell its remaining stake of around 5.2 million shares in Trustpilot Group PLC, investment bank Berenberg said on Monday.
The sale of shares in the Copenhagen-based consumer reviews platform will take place through a placing to eligible institutional investors by means of an accelerated bookbuild.
Berenberg will act as sole bookrunner and placing agent in relation to the placing.
The bookbuild process will commence with immediate effect and may close at any time on short notice.
Berenberg said Trustpilot is not party to the placing and will not receive any proceeds from it.
In October, Northzone sold a 3.1% stake in Trustpilot, banking GBP13.4 million.
Northzone, a venture capital fund that has backed Trustpilot for the past 12 years, sold the 13.0 million shares at a price of 103 pence each.
Northzone first backed 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 GBP690.6 million, though shares are down from its 265p in initial public offering price.
Shares in Trustpilot closed down 1.6% at 164.40p in London on Monday.
By Jeremy Cutler, Alliance News reporter
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