Shares of Raspberry Pi on Tuesday were up 31% in morning trade, as the British computing startup seeks to raise some £166 million ($211.2 million) fr

Computing firm Raspberry Pi pops 31% in rare London market debut

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2024-06-11 11:30:06

Shares of Raspberry Pi on Tuesday were up 31% in morning trade, as the British computing startup seeks to raise some £166 million ($211.2 million) from its initial public offering.

Shares of Raspberry Pi begun "conditional dealing" on Tuesday with a full open trade due to begin on Friday. Shares rose to 390 pence after the firm, which makes tiny single-board computers, priced its shares at 280 pence apiece. The listing is seen as a rare win for London's main stock exchange which has struggled to attract technology listings.

The Raspberry Pi offering comprises 45.9 million ordinary shares sold by the company's existing majority shareholder, Raspberry Pi Mid Co Limited, a wholly owned subsidiary of the Raspberry Pi Foundation. It also includes 2.13 million ordinary shares sold by other shareholders, along with 11.23 million freshly issued shares.

If there is more demand, a so-called overallotement option will allow the Raspberry Pi Foundation to issue another 4.6 million shares. If the overallotment option is exercised, the final offer size will be £178.9 million.