Sony-backed Raspberry Pi heads for a rare IPO in London

A Raspberry Pi 2 Model B single board computer.

Olly Curtis | Future Publishing | Future | beautiful images

British computer startup Raspberry Pi said Wednesday it plans to list in London, a rare win for the British stock market.

Raspberry Pi, which makes small single-board computers, is considering an initial public offering on the main market of the London Stock Exchange. In the filing, the company said it plans to publish registration documents to disclose information about its business as part of the IPO process.

The IPO is a win for the London stock market, which has struggled to attract high-growth technology companies. A series of major UK technology companies have chosen New York over London to list over the past year.

British chip designer Arm listed in September 2023 on Nasdaq in New York, a blow to London’s efforts to attract major tech listings. More recently, British retail technology pioneer Ocado faced calls from investors to move its listing from London to New York, according to the Sunday Telegraph.

Sky news reported on Tuesday that Klarna is eyeing New York as a preferred location for its highly anticipated IPO, expected in early 2025. A Klarna spokesperson said the company had nothing to share about location of the final IPO.

This IPO is an opportunity for the Raspberry Pi Foundation, the company’s majority shareholder and a charity that promotes computer science research, to double down on its “outstanding work to help young people realize their potential.” through the power of computers,” said. Raspberry Pi CEO and founder Eben Upton.

Raspberry Pi produces the iconic line of small single-board computers of the same name, which are roughly the size of a credit card and are used to build everything from high altitude hot air balloon to small radio controlled submarine.

The company is Supported of the Japanese consumer electronics giant Sony and British chip designer Arm.

Upton founded Raspberry Pi in 2012 to make computing more accessible to young people, attracting the attention of hobbyists and teachers in the early days. Since then, the company has become a much larger business, with sales of 60 million units in more than 70 countries to date. About 72% of the company’s sales come from commercial customers that put its products into consumer plants or devices.

Raspberry PI said Wednesday that it posted revenue of $265.8 million for the year ending December 2023, with adjusted earnings before interest, taxes, depreciation and amortization coming in at 43.5 million dollars.


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