Trustpilot shares fall 10%, here is why
Online review platform's stock dives 10% as major backer sells holding
Trustpilot (LSE: TRST) shares plummeted 10% on Wednesday as major investor Vitruvian Partners LLP exited a £31 million stake in the online review company. The selloff came after Trustpilot's stock had jumped over 5% on Tuesday following strong full-year results.
Vitruvian, through its investment vehicle Trafalgar Acquisition Sarl, sold 15.5 million Trustpilot shares at 200 pence each in an accelerated book build handled by Berenberg Bank. The placing was increased from an initial 12.5 million shares due to high investor demand.
The private equity firm, which backed Trustpilot's 2021 IPO, has trimmed its holding to a 5.3% stake with 22 million remaining shares. Trustpilot itself received no proceeds as the transaction involved existing stockholders.
Trustpilot shares were down 9.1% by Wednesday lunchtime, trading at 188.90 pence each.
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