Trustpilot slumps after Vitruvian sells 12.5m shares in placing
Trustpilot Group
276.00p
16:35 14/11/24
0.36%
1.00p
Trustpilot tumbled on Tuesday after Vitruvian Partners sold 12.5m shares in the company in a placing at 220p each.
FTSE 250
20,522.81
16:38 14/11/24
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FTSE 350
4,459.02
16:38 14/11/24
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FTSE All-Share
4,417.25
16:54 14/11/24
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Software & Computer Services
2,485.46
16:38 14/11/24
0.92%
22.57
The placing shares represent around 3% of Trustpilot’s issued share capital.
It was conducted through an accelerated bookbuild, with Berenberg acting as sole bookrunner.
Following completion of the placing, Vitruvian will hold just over 9.5m shares in Trustpilot.
At 0950 BST, the shares were down 7.5% at 217.03p.
Dan Coatsworth, investment analyst at AJ Bell, noted that the shares were sold at a 6.2% discount to the closing price on Monday.
"The stock has enjoyed a stellar run since last summer so investors might now be wondering if it’s time to take some profit, following the lead of its second biggest shareholder," he said.