Tuesday, June 18, 2024

PC Maker Raspberry Pi Seen Pricing London IPO at Top End of Range

(Bloomberg) — British personal computer maker Raspberry Pi expects to price its London initial public offering at the top end of its range, according to terms seen by Bloomberg.

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At the likely price of £2.80 per share, the company will raise approximately £179 million ($229 million) from the IPO, the terms showed. The deal was already oversubscribed by multiple times on long-only demand and cornerstone investor commitments.

The company, which makes low-cost computers popular among hobbyists and educators, will start trading on June 14. The IPO gives the company a market capitalization of £540 million.

The small deal is still a relief for London, which has fallen behind in this year’s IPO revival in Europe, and offers a ray of hope for tech listings in the financial hub. The IPO is set to be the biggest in London since Kazakhstan’s Air Astana JSC listed its global depositary receipts in February.

The continent, meanwhile, has seen seen big-ticket listings including skin-care firm Galderma Group AG in Switzerland, Spanish beauty and fragrance group Puig Brands SA and CVC Capital Partners Plc in the Netherlands. The UK exchange accounts for about 2% of almost $13 billion raised in IPOs in Europe this year, the lowest share in decades.

Raspberry Pi was previously reported to be considering a listing in early 2022. Since then, it raised money from British chipmaker Arm Holdings Plc and Sony Group Corp.’s semiconductor division.

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