United Kingdom

Trustpilot gears up for £1bn London float

Customer review website Trustpilot is considering listing its shares on the public exchange in London, potentially at a £1bn valuation.

The company said it had London in its sights for a flotation, which will raise around $50m (£36m) to help fund growth.

Bosses are thought to be targeting a valuation for the company of around £1bn if it chooses London for the listing.

The company, which allows customers to leave reviews on businesses, will have around quarter of its shares in circulation after the float.

Some of these will be the 50 million dollars worth of shares the company will create to raise cash, with the rest sold by existing shareholders, including directors and staff.

Chief executive Peter Holten Muhlmann said: "Today is a significant landmark in our development.

"We believe that an IPO [initial public offering] 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 listing represents a win for London's market, beating competition from across the pond.

More than 120 million customer reviews have been left on Trustpilot since it was formed in 2007.

The company employs around 670 people and hosts reviews for more than half a million domains.

However, its reviews have also been vulnerable to unscrupulous players. Last year it removed more than two million fake or harmful reviews.

Most were taken down by the company's automatic systems; however, 660,000 were removed manually.

"Trust is one of a company's hardest credentials to prove but among the most important to consumers," Mr Holten Muhlmann said.

"Our mission is to become a universal symbol of trust, empowering consumers to make confident, informed purchasing decisions while allowing businesses to fill the trust gap by demonstrating the quality of their services and gain actionable insights to improve it."

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