Draper Esprit PLC Trustpilot Group plc announcement of IPO pricing (1647T)
23 Marzo 2021 - 1:57AM
UK Regulatory
TIDMGROW
RNS Number : 1647T
Draper Esprit PLC
23 March 2021
23 March 2021
Draper Esprit plc
("Draper Esprit", "the Group" or the "Company")
Investment Update
Trustpilot Group plc announcement of pricing of IPO
Draper Esprit (LSE: GROW, Euronext Growth: GRW), a leading
venture capital firm investing in and developing high growth
digital technology businesses, notes the news that Trustpilot Group
plc "Trustpilot" has announced the pricing in relation to its
GBP1.08 billion initial public offering.
On 8 March 2021, Trustpilot confirmed its intention to float on
the London Stock Exchange and on 23 March 2021 the company
announced it had priced its initial public offering at a GBP1.08
billion market capitalisation at the offer price of 265 pence per
share and the commencement of conditional trading in its shares on
the London Stock Exchange.
Draper Esprit first invested in Trustpilot in 2013 and has since
more than tripled its holding through a combination of secondary
acquisitions and participation in follow on rounds, to become one
of the largest shareholders pre-IPO. This approach is in line with
Draper Esprit's strategy of reinvesting in its best performing
companies.
The Company's total investment to date has been GBP29.7 million
and as of our interim results to 30 September 2020 our holding was
valued at GBP80.9 million. As part of the IPO, the Company will be
selling down part of its holding, resulting in proceeds of GBP78.3
million. The Company will continue to hold 7.9% in shares amounting
to GBP85.5 million (subject to any exercise of the overallotment
option during the period to admission) based on the Trustpilot
share price on 23 March 2021. The Company's continued holding will
be subject to a customary 180-day lock-up period from the date of
admission in line with other institutional investors in
Trustpilot.
Trustpilot is a leading global review platform which has tracked
over 120 million reviews on over 529,000 domains. The platform has
hosted reviews of businesses located in over 100 countries and
territories worldwide, submitted by consumers in over 200 countries
and territories worldwide. The business seeks to provide a 'trust
layer' for the open commerce ecosystem by giving consumers
confidence to purchase goods and services from a wide range of
online and offline businesses across the world.
Martin Davis, CEO Draper Esprit, said "Trustpilot has done
fantastically well and we're proud to be part of this next stage in
its journey. With trust at its core, the public market is a great
home for the business and it's great for the UK to have such a tech
success story listing in London. Trustpilot are also an example of
a portfolio company that we have been able to really put our weight
behind. When Draper Esprit listed in June 2016 our shareholding was
around 3%, but through secondary acquisitions and follow on rounds
we have been able to build on that investment to become one of its
largest shareholders. Being able to continue to back our winners as
they grow is a key driver in the success of our portfolio and a
central part of our model".
-ENDS-
Enquiries:
Draper Esprit plc
Martin Davis (Chief Executive Officer)
Ben Wilkinson (Chief Financial Officer) +44 (0)20 7931 8800
Numis Securities
Nominated Adviser & Joint Broker
Simon Willis
Richard Thomas
Jamie Loughborough +44 (0)20 7260 1000
Goodbody Stockbrokers
Euronext Growth Adviser & Joint Broker
Don Harrington
Charlotte Craigie
Linda Clarke +44 (0) 20 3841 6202
Powerscourt
Public relations
Elly Williamson +44 (0)7970 246 725 /
Donjeta Miftari +44 (0)7961 628 862
About Draper Esprit
Draper Esprit is one of the most active venture capital firms in
Europe, investing in disruptive, high growth technology companies.
We believe the best entrepreneurs in Europe are capable of building
the global businesses of the future. We fuel their growth with
long-term capital, access to international networks and decades of
experience building businesses.
Currently, Draper Esprit is a shareholder in a diverse portfolio
of 67 companies with 15 of those part of our core portfolio which
accounts for over 60% of our holdings. Our core companies include
Trustpilot, UiPath, Aircall, Graphcore and Revolut. We invest
across four sectors: Consumer Technology, Enterprise Technology,
Hardware and Deeptech, and Digital Health and Wellness, with highly
experienced partners constantly looking for new opportunities in
each. We look for high-growth companies with strong IP, powerful
technology, and the management teams to deliver success. They
operate in new markets, with serious potential for global
expansion. We also look for businesses with the potential to
generate strong margins to ensure rapid, sustainable growth in
substantial addressable markets.
Draper Esprit provides an opportunity for public market
investors to access these fast-growing tech businesses, without
having to commit to long term investments with limited liquidity.
Since IPO in June 2016, we have deployed circa GBP450m+ capital
into fast growing technology companies and have realised over
GBP210m. In October 2020 we raised gross proceeds of circa GBP110m
to help us capitalise on a European VC market which is expanding
rapidly but is still less than one quarter of the combined size of
the US and European market by value. It will also allow us to
capitalise on the transition to a digital future that has been
given added impetus as a result of the recent pandemic.
For more information, go to https://draperesprit.com/
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END
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March 23, 2021 03:57 ET (07:57 GMT)
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