(Alliance News) - Vitruvian Partners LLP plans to sell 12.5 million shares in Trustpilot Group PLC, investment bank Joh Berenberg, Gossler & Co said on Tuesday.
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 which will start immediately.
Berenberg will act as sole bookrunner and placing agent in relation to the placing.
Shares in Trustpilot closed 1.4% higher at 208.00 pence each in London on Tuesday, so at current prices, the stake being sold is worth around GBP26.0 million.
Trustpilot is not a party to the placing and will not receive any proceeds.
The shares in Trustpilot held by Vitruvian following completion of the placing will be subject to a 45-day lock-up.
Vitruvian was one of the original backers when Trustpilot came to the market back in 2021.
By Jeremy Cutler, Alliance News reporter
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Trustpilot (TRST)