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Raspberry Pi to Price its London IPO at Top End of Range
British personal computer manufacturer Raspberry Pi is set to price its upcoming London initial public offering (IPO) at £2.80 per share, according to terms reviewed by Bloomberg. This pricing will help the company raise around £179 million ($229 million) from the IPO. The offering has generated significant interest, being oversubscribed by multiple times due to strong demand from long-only institutional investors and cornerstone backers.
The creator of low-cost computers, popular among hobbyists and educators, will see its shares commence trading on June 14. With the IPO, Raspberry Pi will achieve a market capitalization of £540 million.
This IPO is considered a significant event for London's financial market, which has lagged behind in the recent resurgence of IPO activity in Europe. It represents a positive development for tech listings in the city. In fact, it will mark the largest IPO in London since Kazakhstan's Air Astana JSC's listing of global depositary receipts in February.
Elsewhere in Europe, the IPO landscape has been bustling with high-profile listings such as Switzerland's Galderma Group AG (a skin-care company), Spain's Puig Brands SA (a beauty and fragrance firm), and CVC Capital Partners Plc in the Netherlands.
Of the nearly $13 billion raised through IPOs in Europe this year, the UK exchange holds a meager 2%, its lowest share in decades.
Previously, Raspberry Pi had considered a public listing in early 2022 and has since garnered financial support from notable investors, including British chipmaker Arm Holdings Plc and the semiconductor division of Sony Group Corp.
