Image source, University of Cambridge/PA Media
- author, Harriet Heywood & PA Media
- role, BBC News, Cambridgeshire
Shares in computer company Raspberry Pi rose as much as 40% after opening on the London Stock Exchange.
The Cambridge-based company is known for developing affordable, credit-card-sized computers designed to improve children’s coding skills.
The shares opened at 392 pence on Tuesday, above its initial public offering (IPO) price of 280 pence.
“The response we’ve received is a reflection of the world-class team we’ve put together,” said Eben Upton, CEO of Raspberry Pi.
He also credited the success to “the strength of the loyal community we have grown together with.”
Upton founded the company in 2008 and its first product was released in 2012.
Since then, the company has sold over 60 million single-board computers alone.
The company said in a stock market update that the terms of the IPO expect it to be valued at £541.6 million ($688.8 million). Raspberry Pi said it would raise £166 million ($211 million) from the listing.
The shares have begun trading in a “conditional deal” to institutional investors and investors on the London Stock Exchange, with full public trading due to begin on Friday.
“The London stock market is vibrant.”
“This shows there is energy in the London stock market and that companies can extract value from listing in London,” said Kathleen Brooks, research director at brokerage XTB.
“That’s a nice payday for the company’s founders and directors.”
Raspberry Pi said it would use the funds for engineering projects, supply chain improvements, and other general corporate purposes.
Image source, Raspberry Pi
Raspberry Pi products are sold in over 70 countries around the world.
The company is a subsidiary of the Raspberry Pi Foundation, a UK charity set up when the company was founded in 2008 with the aim of increasing interest in computer science among young people.
