Raspberry Pi IPO set to raise $689 million

June 11 2024 and in a watershed moment for Raspberry Pi, it has listed on the London Stock Exchange (LSE) as Raspberry Pi Holdings PLC (Public Limited Company) and has the potential to raise $689.6 million (£541.6 million) at the commencement of conditional dealings. 

Shares started trading at 8am BST today, at an offer price of 280 pence ($3.57) per share. Looking at the LSE recent trades table we can see that the latest purchase of 266 shares was made at 10:49 BST at 354 pence per share ($4.64), just under a dollar over the original offer price. 

The Global Offer is made up of 45,935,065 ordinary shares that are being sold by the company’s majority shareholder, Raspberry Pi Mid Co Limited, a subsidiary of the Raspberry Pi Foundation. Another 2,125,115 “ordinary shares” are being sold by other shareholders and an additional 11,228,572 ordinary shares will be issued by Raspberry Pi Holdings PLC to raise approximately £31.4 million (approximately $40 million). 

Commencement of conditional dealings began at 8am BST on June 11, under the ticker of RPi. Investors who applied for ordinary shares in the global offer will be able to deal in shares at this time. Admission to the main market and unconditional dealings will take place on June 14 at 8am BST.

Raspberry Pi chose to list on the LSE, bucking a trend where many UK companies chose to list on the U.S. stock market. Raspberry Pi CEO Eben Upton commented on the official LSE announcement letter. 

“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.
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.”