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In a significant move for the U.K. stock market, British computing startup Raspberry Pi has announced its intention to list in London.
Raspberry Pi, known for its tiny single-board computers, is considering an initial public offering (IPO) on the main market of the London Stock Exchange. The company stated that it would publish a registration document as part of the IPO process, providing disclosures about its business.
The decision to list in London is a rare win for the U.K. stock market, which has faced challenges in attracting high-growth tech companies. Several major U.K. tech firms have opted for listings in New York over London in recent times.
One such example is British chip designer Arm, which listed on the Nasdaq in New York in September 2023, dealing a significant blow to London's aspirations to attract large tech listings. More recently, British retail tech pioneer Ocado has been under pressure from investors to relocate its listing from London to New York, according to the Sunday Telegraph.
According to Sky News, Klarna is also considering New York as the preferred venue for its highly anticipated IPO scheduled for early 2025. However, a Klarna spokesperson declined to comment on the eventual location of the IPO.
For the Raspberry Pi Foundation, the majority shareholder of the company and a charity promoting the study of computer science, the IPO presents an opportunity to further its mission of enabling young people to realize their potential through computing. Raspberry Pi CEO and founder Eben Upton expressed the company's commitment to this cause.
Established in 2012 by Eben Upton, Raspberry Pi aimed to make computing more accessible to young people. Initially gaining popularity among hobbyists and educators, the company has since grown substantially. With sales of 60 million units in over 70 countries to date, Raspberry Pi's iconic single-board computers, roughly the size of a credit card, have been used in various applications, from high-altitude balloons to small radio-controlled submarines.
Backed by Japanese consumer electronics giant Sony and British chip designer Arm, Raspberry Pi reported revenues of $265.8 million in the year ending December 2023. Additionally, its adjusted earnings before interest, tax, depreciation, and amortization reached $43.5 million.
The move to list on the London Stock Exchange represents a significant milestone for Raspberry Pi, highlighting the company's growth and success in the tech industry.
