Raspberry Pi 2 Model B Single Board Computer.
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Shares in Raspberry Pi rose 39% in its debut on Tuesday as the British computing startup sought to raise about 166 million pounds ($211.2 million) in an initial public offering.
Shares of Raspberry Pi began “conditional trading” on Tuesday and fully opened for trading on Friday. The company, which makes tiny single-board computers, priced its shares at 280 pence a share, with shares rising to 390 pence. The listing is seen as a rare victory for London’s main stock exchange, which has struggled to attract technology companies to the market.
Based on the initial pricing of its shares, the company was valued at approximately £541.6 million.
The Raspberry Pi offering includes the sale of 45.9 million ordinary shares by the company’s existing majority shareholder, Raspberry Pi Mid Co Limited, a wholly-owned subsidiary of the Raspberry Pi Foundation. It also included 2.13 million common shares sold by other shareholders, and 11.23 million newly issued shares.
If there is more demand, a so-called over-allotment option will allow the Raspberry Pi Foundation to issue an additional 4.6 million shares. If the over-allotment option is exercised, the final issuance size will be £178.9 million.
Raspberry CEO Eben Upton founded the company in 2012 to make computing more accessible to young people. Its single-board computers can be used for a variety of purposes.
While it initially gained traction with enthusiasts, the company says 72% of its sales are aimed at the industrial market, such as for use in factories.
In 2023, Raspberry Pi revenue will be US$265.8 million, an annual increase of 41% from 2022.
Many high-profile industry giants have backed the company, including Arm and Sony. Sony Semiconductor Solutions, a unit of Sony Corp., invested an undisclosed amount in the British startup last year.
While small compared to other tech companies, Raspberry Pi’s IPO could inject some energy into the struggling London Stock Exchange, which has been favored by tech companies or snubbed by listings elsewhere in Europe, especially the U.S. .
SoftBank’s British-based chip design company Arm chose to list in the United States last year.
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