Website reviews and recommendations engine Trustpilot (TRST) has announced that it plans to list stock in an initial public offering (IPO) in what will be seen as a victory for London’s main market.

Details on pricing and valuation remain thin on the ground but the company hopes to raise a modest $50 million to fund growth and pay down debt.

Denmark-based Trustpilot was founded in 2007 and allows people to review and leave feedback for goods and services of websites and digital businesses, using a one to five-star rating system that will be familiar to many readers.

It makes money by analysing the collected data and provides insights and analytics to business owners.


Particularly interesting for investors is the pace of growth recently. Revenues have grown from $64.3 million in 2018 to $102 million in 2020 (to 31 December), launching the company into profit for the first time.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) swung from a $21.5 million loss to a $6.1 million profit, supported by rapidly growing user engagement that drove greater domain engagement.

User reviews have grown more than 10-fold since 2015 to around 120 million, with the number of digital businesses tapping this source of data surging more than 600% in seven years. The company today employs nearly 700 staff globally.

Trustpilot’s financials are ‘certainly something to note’, said Megabuyte analyst Indraneel Arampatta.


‘Trustpilot is seeking to define a significant and growing category’, said Trustpilot chairman Timothy Weller.

‘With fast growth, a proven subscription-based business model and high gross margins underpinned by a modern, highly scalable technology platform, we have all the attributes required to thrive as a listed business’, he said.

Trustpilot believes that this part of the digital market is worth $6.3 billion across the UK, Europe and US and remains underpenetrated.

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Issue Date: 01 Mar 2021