Trustpilot Group PLC (LON:TRST) unveiled the pricing of the shares for its initial public offering (IPO) and said it is aiming to achieve a market cap of just over £1bn as it began its first day of dealings on the premium segment of the main market of the London Stock Exchange.
Ahead of the market open on Tuesday, the consumer review website said it had set the offer price for the IPO shares at 265p each, adding that its offering comprises around 161mln shares being sold by existing investors and around 17.6mln being issued by the company. The total offer size equates to around £473mln and will give the firm a market cap of £1.08bn.
READ: Trustpilot targets billion-pound market cap in London IPO
Trustpilot also said that a further 26.8mln shares are being made available by certain existing shareholders pursuant to the over-allotment option.
In early conditional trading on Tuesday morning, the company seemed to have made a strong start to life as a public company, with the shares valued at around 280p, 5.7% higher than the IPO price.