British technology company Raspberry Pi has announced its plan to list in the UK, providing a significant boost to the London Stock Exchange.
Based in Cambridge, the company is renowned for its affordable computers designed to aid children in learning about computing. Since 2012, Raspberry Pi has sold 60 million units globally, establishing itself as a successful British business in the technology sector.
In a market update, the company disclosed its intention to submit registration documents for a listing on the London stock market with the aim of achieving full listing status.
According to reports in The Sunday Times, the company’s valuation could reach £500m.
The decision by Raspberry Pi was welcomed by the London Stock Exchange, which has faced challenges attracting major companies for listings this year, with some opting to move to other exchanges.
Earlier this month, companies like Paddy Power owner Flutter, Anglo-German travel company Tui, and building materials company CRH shifted their primary listings away from the UK.
On the other hand, there are reports indicating that Shein, a Chinese fast fashion firm, is preparing for a London listing after encountering obstacles when expanding to New York due to regulatory and legislative issues.
Raspberry Pi is a subsidiary of the Raspberry Pi Foundation, established in 2008 to foster interest in computer science among children. The company’s CEO, co-founder Eben Upton, continues to lead the organization.
Since 2013, the foundation has received $50m (£40m) in dividends from Raspberry Pi and will retain a significant stake post-IPO.
The company’s key product is a compact computer board priced at $15, capable of functioning as a full-fledged computer when connected to a monitor.
Initially designed for teaching coding and IT skills to children, these boards are now utilized by businesses for various purposes like powering security cameras and ventilation systems.
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In the fiscal year ending December 31, 2023, the company generated operating income of $37.5 million and sales of $265.8 million.
Mr. Upton stated, “For the Raspberry Pi Foundation, as well as our patient and supportive shareholders, this IPO presents an opportunity to further our mission of empowering young individuals through the potential of computing.”
He added, “In a world increasingly reliant on connectivity, the demand for Raspberry Pi’s powerful yet cost-effective computing platform continues to grow. We are thrilled to embark on this next phase of our journey.”
Source: www.theguardian.com
