Online consumer review website Trustpilot on Monday said it was mulling an initial public offering (IPO) in London.
The deal would see at least 25% of the company floated on the London Stock Exchange (LSE), Trustpilot said in a filing, adding that it hoped to raise $50m to support growth plans and pay down debt.
Trustpilot said it was aiming for a premium listing on the LSE and expects to be eligible for inclusion in FTSE UK indices as a result.
As of December 31, 2020, Trustpilot had more than 19,500 paying customers, with an average contract value of approximately $5,600, and had annual recurring revenue of approximately $119m.
Chief executive and founder Peter Holten Muehlmann said the company had experienced strong growth “as both consumers and business have joined, attracted to Trustpilot’s truly open platform where the integrity of reviews is critical”.
“Today is a significant landmark in our development. We believe that an IPO of the business will allow us to continue the momentum of recent years, providing a platform to deliver new products to more geographies, and succeed in our vision to become a universal symbol of trust .”
The deal would be the third major London listing so far in 2021, with classic boot brand Dr Martens and online card retailed Moonpig completing IPOs earlier this year.
Moonpig’s shares have risen 39% from their listing price, reflecting strong investor demand for e-commerce and tech companies, both in the UK and in Europe.
