A rare victory for the British stock market came on Wednesday when British computer firm Raspberry Pi announced its intention to list in London.
The company Raspberry Pi, which produces small single-board computers, is thinking about making an IPO on the London Stock Exchange’s main market. The company stated in a filing that as part of the IPO process, it intends to issue a registration document including details about its operations.
The London stock market, which has had difficulty luring fast-growing tech businesses, has gained ground thanks to the IPO. Over the past year, a number of significant British tech companies have opted to list in New York rather than London.
In September 2023, British chip designer Arm went public on the New York Stock Exchange’s Nasdaq, dealing a serious setback to London’s efforts to lure significant tech listings. According to the Sunday Telegraph, investors have recently called for British retail tech pioneer Ocado to relocate its listing from London to New York.
According to an IPO that is expected to take place in early 2025, Klarna is considering New York as the preferable location, according to a Tuesday Sky News story. According to a Klarna representative, the company is keeping its potential IPO site a secret.
The Raspberry Pi Foundation, a nonprofit that supports computer science education and is the company’s largest shareholder, sees the IPO as a chance to expand on its “outstanding work to enable young people to realise their potential through the power of computing,” according to Eben Upton, the founder and CEO of Raspberry Pi.
The well-known Raspberry Pi brand creates tiny, credit card-sized single-board computers that are used to construct everything from tiny radio-controlled submarines to high-altitude balloons.
British chip designer Arm and the massive Japanese consumer electronics company Sony support the business.
In an effort to provide young people more access to computing, Upton founded Raspberry Pi in 2012. In the beginning, the project gained popularity among educators and enthusiasts. Since then, the company has grown significantly, selling 60 million pieces in more than 70 countries. Commercial clients that integrate the company’s goods into factories or consumer electronics account for about 72% of the company’s unit revenues.
Raspberry PI reported on Wednesday that its adjusted earnings before interest, taxes, depreciation, and amortization came to $43.5 million for the year that ended in December 2023, with revenues of $265.8 million.
Sony-backed computing startup heads for rare IPO in sidelined London stock market
