Trustpilot Group PLC (LSE:TRST) shares dropped 11.25% to 209.28p after private equity firm Advent sold a £46 million stake at a discount to the prevailing share price.
Advent offloaded 21.6 million shares at 214p each, a price below where the stock had been trading, and well below the issue price of 265p from the online customer reviews platform's 2021 IPO.
Advent was one of the consortium of private equity firms that owned Trustpilot before the company was floated in London five years ago.
Trustpilot itself received none of the proceeds, confirming this was purely an exit by the seller rather than a fundraise by the company.
Advent will retain a residual holding of around 250,000 shares through a separate fund, though it has indicated any future sale would not involve a formal market transaction.
Separately, Trustpilot announced the appointment of Marcus Roy as chief financial officer, joining from The Economist Group where he has served as group CFO since 2021.
Roy will join the board on 14 September 2026, succeeding Hanno Damm, who is leaving after nearly 11 years with the business.