Raspberry Pi preparing for £500m float - reports

13th May 2024 10:25

(Sharecast News) - British technology firm Raspberry Pi is preparing for a £500m initial public offering (IPO) this month, it was reported on Sunday.

The Cambridge-based company is known for its affordable, credit-card-sized computers aimed at fostering coding skills among children.

According to the Sunday Times, the IPO could materialise within the next 10 days, although potential delays could arise depending on market conditions.

The company, founded by computer scientist Eben Upton in 2008, had been engaging with investors for several weeks in collaboration with advisory firms Peel Hunt and Jefferies, it claimed.

Originally established with a charitable mission to promote computing and digital literacy among youth, Raspberry Pi ventured into commercial operations in 2012, introducing its budget-friendly computing devices priced as low as £15.

Over time, the company diversified its offerings, catering to educational sectors as well as businesses seeking to integrate its technology into various applications, including security systems, ventilation controls, and vending machines.

Despite its charitable roots, Raspberry Pi had garnered investments from prominent entities such as Arm and Sony, with the latter also serving as a manufacturing partner for Raspberry Pi's computer boards in south Wales.

Financial data for 2022, disclosed in its latest filings with Companies House, showed the company had 94 employees and an operating profit of $20m generated from $187m in revenue.

It would be Raspberry Pi's second attempt at going public, having shelved previous plans in 2021 amid geopolitical tensions and semiconductor shortages.

Raspberry Pi had not commented on the matter by Monday morning.

Reporting by Josh White for Sharecast.com.