Raspberry Pi set for London listing next month with plans to raise £31.4m

Raspberry Pi was founded by computer scientist Eben Upton in 2008

UK budget computer company Raspberry Pi has set its sights on the London Stock Exchange for a listing next month, signalling a much-needed lift for the city's stock market.

The Cambridge-based tech company, famed for its wallet-friendly, credit card-sized computers that aim to enhance coding skills in youngsters, is looking to raise $40million (£31.4 million) in fresh capital through its initial public offering (IPO) on London's principal market. This IPO will be a boost for London's Stock Exchange which has seen a string of companies either being snapped up or shifting their listings overseas.

Notably, betting giant Flutter Entertainment took its primary listing to New York, while travel heavyweight Tui got the green light to end its London listing in February, and in a further setback, UK semiconductor titan Arm Holdings opted for a Wall Street comeback. In a show of support, Arm and Lansdowne Partners, both backers of Raspberry Pi, are set to snap up shares worth $35million (£27.5million) and $20 million (£15.7million) respectively in the upcoming IPO.

Raspberry Pi plans to channel the proceeds from the share sale into engineering endeavours, supply chain enhancements, and other corporate activities. Market analysts suggest the IPO could put Raspberry Pi's value at £500million. Chairman Martin Hellawell said: "We are delighted to confirm our intention to float on the London Stock Exchange, underscoring our confidence in the UK as the home for innovative and growing global businesses."

"We greatly appreciate the long-term support of our cornerstone investors, Arm and Lansdowne, and look forward to widening our shareholder base as we take the next steps in our journey," said the Raspberry Pi chief, as he unveiled the grand plans.

The company was conceived by computer scientist Eben Upton in 2008, with its first creation hitting the market in 2012. To date, over 60 million of its signature single board computers have been sold. Raspberry Pi's innovations are available in more than 70 countries globally.

The tech giant operates under the umbrella of the Raspberry Pi Foundation, which is a UK charity founded simultaneously when the business emerged back in 2008. The goal - to stimulate interest in computer science amongst the younger generation. The foundation has enjoyed circa £39.7 million in dividends as a key stakeholder in Raspberry Pi since 2013. These financial gains have been channelled into progressing its educational agenda worldwide, according to the group.

Paul Williamson, a prominent vice president at Arm, said: "With a shared vision to lower barriers to innovation and make computing accessible for everyone, Arm and Raspberry Pi are natural collaborators. Following our strategic investment in the business last year, we look forward to increasing our stake as Raspberry Pi steps into this new exciting chapter."

In 2023, Raspberry Pi posted revenues amounting to £211.1 million, coupled with operating profits of £29.8million.