The British technology firm Raspberry Pi confirmed its intention of flotation in the UK. This is a major boost for the London Stock Exchange.
Cambridge-based company, best known for its low-cost computers that help children learn computing, is a UK tech success story. It has sold 60m units globally since 2012.
The company announced in an update that it will send an application to join the stock exchange of London with the intention to list fully.
According to The Sunday Times which reported first on the intention to flotation, the business could be worth up to £500m.
The Raspberry Pi announcement is a welcome development for the London Stock Exchange. It has been struggling to attract large companies to list on its exchanges this year.
Flutter, the owner of Paddy Power, announced earlier this month that it would be switching its primary listing from London to New York . The Anglo-German company Tui, and the building materials firm CRH have both switched their listings from the UK over the last year.
According to recent reports the China-founded fast fashion company Shein has stepped up its preparations for an IPO in London after its failed attempt to list in New York was met with regulatory hurdles and opposition from US legislators.
Raspberry Pi is the subsidiary of the Raspberry Pi Foundation. The Foundation was founded in 2008 to promote interest in computer sciences among children. Eben Upton co-founded it and is now the Chief Executive of Raspberry Pi.
After the float, the foundation will continue to be a significant stakeholder. It has received dividends of $50m (£40m), from the company every year since 2013.
Small computer boards, which can be purchased for as little as 15 dollars and plugged into screens to operate as fully functional computers, are the company’s primary products. The boards are designed to help children develop their IT and coding skills. However, they are now being used by businesses to power ventilation and security cameras.
The company’s operating profit for the year ending December 31, 2023 was $37.5m on revenue of $265.8m.
Upton stated: “For Raspberry Pi Foundation as a patient, supportive and loyal shareholder, this IPO presents the opportunity to continue their outstanding work in enabling young people to achieve their potential by using the power of computer.
In a world that is becoming more and more interconnected, the Raspberry Pi market continues to grow. We are eager to take on the next phase of our growth, as we have a technology roadmap that will allow us to play a more significant role.
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