Raspberry Pi has soared on its London IPO, jumping as much as 39% in early trade on Tuesday.
Raspberry Pi has announced the pricing of its initial public offering at 280p, valuing the company in the region of £541m.
“Raspberry Pi made a storming debut on the UK stock market with its IPO priced at the top end of the range and its shares jumping 39% in the first half hour of trading. UK tech stories are few and far between on the London Stock Exchange so let’s hope the success of Raspberry Pi attracts more peers in the tech sector to the market,” said Russ Mould, investment director at AJ Bell.
The total size of the IPO offer was £166m, but Raspberry Pi will receive just £31m of this because the sale of shares by an existing shareholder made up the lion’s share of the deal.
Retail investors using the Peel Hunt REX platform accounted for £6.8m of the total amount.
“The quality of the interactions during the marketing process has underlined our belief that London has the right calibre and sophistication of investor to support growing, ambitious technology businesses such as Raspberry Pi. The reaction that we have received is a reflection of the world-class team that we have assembled and the strength of the loyal community with whom we have grown,” said Eben Upton, CEO of Raspberry Pi.
“Welcoming new shareholders alongside our existing ones brings with it a great responsibility, and one that we accept willingly, as we continue on our mission to make high-performance, low-cost computing accessible to everyone.”