Raspberry Pi Holdings (RPI) shares soared during its first day of trading on the London Stock Exchange (LSE). The British personal computer maker started conditional trading on Tuesday 11 June 2024 and its IPO performance gave the LSE a much-needed boost as it had battled to attract tech listings in the past.
Raspberry Pi Debut Gives LSE A Welcome Boost
During morning trade, RPI shares were up 31%, establishing a good starting point for the company as it wishes to raise £166m with its debut. Open trade is set for Friday 14 June 2024.
The firm, which makes small, single-board computers, initially priced its shares at 280p each, giving it a market value of £541.6m. On Tuesday 11 June 2024, this stock price increased to 390p apiece during morning trade.
Raspberry Pi’s IPO consists of 45.9 million ordinary shares offered by its major stakeholder, Raspberry Pi Mid Co Limited. According to CNBC, this is a “wholly owned subsidiary of the Raspberry Pi Foundation”. On top of these, there are also 2.13 million ordinary shares from other stakeholders and 11.23 million newly issued shares.
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The Raspberry Pi Foundation will reportedly exercise a greenshoe option for an additional 4.6 million shares if needed. If this over-allotment is realised, the total IPO will amount to £178.9m.
CEO Eben Upton founded Raspberry Pi in 2012. The firm’s single-board computers are versatile and have multiple uses. Based on CNBC data, Raspberry Pi sells its hardware to industries such as factories, among others.
The firm recorded revenues of $265.8m in 2023, a 41% increase from 2022.
