Raspberry Pi, the British tech firm renowned for its affordable computing solutions geared towards educating children about technology, has officially declared its intention to debut on the London Stock Exchange. This move marks a substantial win for the London Stock Exchange amidst recent struggles in attracting major company listings.
Since its inception in 2012, the Cambridge-based company has become a beacon of success in the UK tech scene, having sold a staggering 60 million units worldwide. In a recent market update, Raspberry Pi announced its submission of registration to join the London stock market, aiming for a full listing.
Reports suggest the company could fetch a valuation of up to £500 million, as disclosed by the Sunday Times, which initially broke the news of Raspberry Pi’s intention to go public.
This decision by Raspberry Pi comes as a welcome development for the London Stock Exchange, which has witnessed prominent members shifting their listings to alternative exchanges. Notable examples include Flutter, owner of Paddy Power, and Anglo-German travel company Tui, highlighting a trend of companies departing from the UK market.
However, amidst these movements, there’s a glimmer of hope for the London Stock Exchange, with reports indicating that Shein, a China-based fast-fashion giant, is gearing up for a London listing following regulatory challenges in its New York IPO attempt.
Raspberry Pi, a subsidiary of the Raspberry Pi Foundation co-founded by Eben Upton in 2008, remains committed to its mission of fostering interest in computer science among children. The foundation, having received $50 million (£40 million) in dividends from the company since 2013, will retain a significant stake post-IPO.
The company’s flagship products are compact computer boards priced as low as $15, capable of functioning as standalone computers when connected to screens. Originally designed for educational purposes, these boards have found utility in various industries, powering systems like security cameras and ventilation units.
In the fiscal year ending December 31, 2023, Raspberry Pi reported operating profits of $37.5 million on revenues totaling $265.8 million.
Eben Upton, reflecting on the upcoming IPO, stated, “For the Raspberry Pi Foundation, a patient and supportive shareholder, this IPO brings the opportunity to double down on their outstanding work to enable young people to realize their potential through the power of computing. In an ever more connected world, the market for Raspberry Pi’s high-performance, low-cost computing platforms continues to expand. We have the technology roadmap to play an increasingly significant role, and we are excited to embark on the next stage of our growth.”
