Online review platform Trustpilot saw its share price fall by more than 16 per cent after Advent Global Opportunities offloaded 21.6m shares.
Advent, a leading global private equity investor, placed the shares at 214p, raising around £46m.
Trustpilot will not receive any proceeds from the placing.
The placing represented around 5.6 per cent of Trustpilot’s existing issued ordinary share capital.
Trustpilot shares rocket amid dramatic rise in AI visibility
The news spooked the market, sending Trustpilot’s share price tumbling from 235.80p to 196p during the day, giving it a market cap of £754.8m.
Advent continues to hold a small residual stake of approximately 250,000 shares through a separate fund, which, if sold in the future, will not be through a capital markets event.
Today’s fall comes just a week after Trustpilot’s share price rose nearly 30 per cent after the firm reported profitability ahead of expectations, amid a dramatic rise in its visibility within AI models.
In separate news, Trustpilot has appointed Marcus Roy as CFO. He will join on September 14 and succeed Hanno Damm.
Roy joins Trustpilot from The Economist Group, where he has served as group CFO since 2021 and oversaw its shift to a digital-first, subscription-led model.
Founded in 2007, Trustpilot has 350 million reviews and more than 60 million monthly active users worldwide.
The company, headquartered in Copenhagen, employs more than 1,000 people and has offices in Amsterdam, Denver, Edinburgh, Hamburg, London, Melbourne, Milan and New York.