Raspberry Pi, the British company renowned for its affordable, compact computers, is set to go public in London, providing a much-needed boost to the UK stock market, which has struggled to attract burgeoning tech firms. The Cambridge-based company, which manufactures computer modules and low-cost computers for industrial users, enthusiasts, and educators, announced plans to list on the main market of the London Stock Exchange.
A registration document released on Wednesday disclosed that Raspberry Pi was valued at $597 million in November, including new funds raised when UK chip designer Arm acquired a 3.4 percent stake. The company aims to achieve a slight premium to this valuation with its initial public offering (IPO), according to sources familiar with the plans. The listing, expected in early June, is intended to help Raspberry Pi attract and retain talent in the competitive tech sector.
Since its launch in 2012, Raspberry Pi has sold over 60 million single-board computers and computer modules. In 2023, the company’s revenues surged by 41 percent to $265.8 million, with pre-tax profits nearly doubling to $38.2 million. The company projects sales of 8.4 million units in 2024, up from 7.4 million last year. Raspberry Pi is a subsidiary of the Raspberry Pi Foundation, a UK charity established in 2008 to promote computer science education among young people. The foundation, which holds a 73 percent stake in the company, will remain a shareholder post-IPO.
Other major shareholders include the Ezrah Charitable Trust, a US-based private foundation that has also donated to the Raspberry Pi Foundation, and Lansdowne Partners. These investors contributed $45 million at an implied post-money valuation of $545 million in September 2021, according to the filing.
The IPO comes as the UK public markets struggle to attract tech company listings, with many preferring to list in New York. For example, London-listed cyber security firm Darktrace recently agreed to a £4.3 billion takeover by private equity group Thoma Bravo, just two years after going public.
Eben Upton, Raspberry Pi’s chief executive, reflected on the company’s journey: “When we released our first product in 2012, our goal was to provide an affordable computer for young people to explore and discover computing. However, we soon saw our products being used in a wide range of applications across various markets. Recognizing the potential of affordable technology, our ambition grew beyond education to numerous other contexts.”
Jefferies International and Peel Hunt have been appointed as joint bookrunners for Raspberry Pi’s IPO.
