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Computing firm Raspberry Pi teases London IPO

Raspberry Pi IPO
Image credit: Raspberry Pi

Low-cost computing company Raspberry Pi is considering a UK initial public offering (IPO) in a boost to London markets.

Speaking at a Cambridge event, Raspberry Pi CEO Eben Upton said the business, which originally planned to IPO in 2021 but postponed due to unfavourable market conditions, was now “ready”.

“Obviously there are market effects that are going to constrain our decisions, but the hope is, when the markets are ready, we’ll be ready as well,” Upton said.

Raspberry Pi provides computing equipment at a low cost with the goal of expanding access to coding and IT projects. Its equipment is used in schools, museums, government centres, hobbyists and more.

The company raised $45m (£37m) in 2021 in a round led by Lansdowne Partners.

‘Smart money in London’

Upton, who co-founded Raspberry Pi in 2008, said the UK capital would be the ideal location for the company’s IPO.

“There’s good, smart money in London,” Upton said. “I think this narrative that you have to run off to the US feels a little overblown.”

An IPO for the £409m-valued Rasperrby Pi would be a welcome boost to the city, which has seen a continued decline in IPO activity this year.

The London markets have been struggling to appeal to tech companies looking to go public, with many domestic firms opting to IPO in New York.

British semiconductor company Arm’s $54.5bn New York listing remains the year’s most high-profile snub of the London Stock Exchange, which also missed out on the IPO of fellow chip firm Imagination Technologies.

In August, the CEO of stock trading app Plus500 called out London for its undervaluing of tech companies compared with the US.

London has had a handful of recent signs of encouragement, however, with challenger bank Redwood and satellite company Eutelsat both announcing intentions to list in the city.

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