Draper Esprit - Trustpilot IPO priced at £1.08bn
Trustpilot has confirmed final pricing for its IPO on the London Stock Exchange with its shares valued at 265p each, implying a market capitalisation at listing of £1.08bn. Trustpilot is Draper Esprit’s largest core portfolio holding, valued at £80.9m on Draper Esprit’s balance sheet at 30 September 2020. At the IPO price, Draper Esprit’s holding in Trustpilot is valued at £163.8m, an uplift of £82.9m or 102%, almost 60p per Draper Esprit share (before carry and other costs). Draper Esprit is selling shares worth £78.3m and will continue to hold a 7.9% stake in Trustpilot (subject to exercise of the overallotment option) worth £85.5m at the listing price. Draper Esprit’s remaining holding will be subject to a 180-day lock-up. Together with UiPath’s funding round (February 2021), Draper Esprit has now reported more than £175m in gross portfolio value uplift in H221.Draper Esprit is a venture capital firm. Co. is engaged in developing and investing in technology companies across Europe. Co. utilizes three pools of capital to invest in companies: its balance sheet; tax-efficient investing in Enterprise Investment Scheme/Venture Capital Trust; and secondary funds backed by institutional capital focused on this space. Co. is focused on entrepreneurs across four primary sectors: Consumer Technology, Enterprise Technology, Hardware and Electronics, and Digital Health and Wellness. Co. also acquires venture capital portfolios through its division, Draper Esprit Secondaries.
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