The Rise of British Computing Startup Raspberry Pi

In a surprising turn of events, British computing startup Raspberry Pi is set to raise a staggering £166 million ($211.2 million) from its initial public offering, marking a rare win for London’s main stock exchange. This influx of capital comes at a time when the London bourse has been struggling to attract technology listings, making Raspberry Pi’s IPO a beacon of hope for the UK tech scene.

Raspberry Pi priced its shares at 280 pence apiece, valuing the company at around £541.6 million. While this might seem small compared to other tech giants, the IPO signifies a significant milestone for the London Stock Exchange. High-profile industry players like Arm and Sony have backed Raspberry Pi, with Sony Semiconductor Solutions even investing in the British startup last year.

Shares of Raspberry Pi will go through a phase of “conditional dealing” starting Tuesday, during which institutional investors can trade on the LSE. Retail investors will have to wait until Friday for unconditional dealings to begin. The offering consists of 45.9 million ordinary shares from Raspberry Pi Mid Co Limited and 2.13 million shares from other shareholders, in addition to 11.23 million newly issued shares. An overallotment option could bring the final offer size to £178.9 million.

Founded in 2012 by CEO Eben Upton, Raspberry Pi aims to make computing more accessible to young people. Their single-board computers have gained popularity not only among hobbyists but also in the industrial market, where they are used in various applications, including factories. In 2023, the company reported revenues of $265.8 million, reflecting a 41% year-on-year growth from 2022.

Raspberry Pi’s successful IPO underscores the potential for growth and innovation within the British tech sector. With its unique approach to computing and a focus on accessibility, the company is well-positioned to make a significant impact in the industry. As London’s stock exchange welcomes this new player to the scene, all eyes will be on Raspberry Pi to see how they continue to push boundaries and drive technological advancement.

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