A Raspberry Pi 2 Mannequin B single-board pc.
Olly Curtis | Future Publishing | Future | Getty Pictures
British computing startup Raspberry Pi on Wednesday mentioned it plans to checklist in London, in a uncommon win for the U.Okay. inventory market.
Raspberry Pi, which makes tiny single-board computer systems, is contemplating an preliminary public providing on the principle market of the London Inventory Alternate. In a submitting, the corporate mentioned it plans to publish a registration doc to make disclosures about its enterprise as a part of the IPO course of.
The IPO is a win for the London inventory market, which has been struggling to draw high-growth tech firms. A slew of main U.Okay. tech corporations have chosen New York over London for his or her listings over the past yr.
British chip designer Arm listed in September 2023 on the Nasdaq in New York, in a significant blow to London’s bid to draw giant tech listings. Extra lately, British retail tech pioneer Ocado has confronted calls from buyers to maneuver its itemizing from London to New York, in keeping with the Sunday Telegraph.
Sky Information reported on Tuesday that Klarna is eyeing up New York as the popular venue for a extremely anticipated IPO slated for early 2025. A Klarna spokesperson mentioned the corporate has nothing to share on the situation of an eventual IPO.
The IPO serves as a chance for the Raspberry Pi Basis, the agency’s majority shareholder and a charity selling the examine of pc science, to double down on its “excellent work to allow younger individuals to understand their potential by way of the ability of computing,” mentioned Raspberry Pi CEO and founder Eben Upton.
Raspberry Pi produces the long-lasting line of small single-board computer systems of the identical identify, that are roughly the scale of a bank card and have been used to construct every little thing from high-altitude balloons to small radio-controlled submarines.
The corporate is backed by Japanese shopper electronics large Sony and British chip designer Arm.
Upton established Raspberry Pi in 2012 to make computing extra accessible to younger individuals, gaining traction amongst hobbyists and lecturers within the early days. The corporate has since turn into a a lot bigger enterprise, with gross sales of 60 million models in over 70 international locations thus far. Round 72% of the agency’s unit gross sales come from industrial prospects embedding its merchandise into factories or shopper gadgets.
Raspberry PI mentioned Wednesday that it posted revenues of $265.8 million within the yr ending December 2023, with adjusted earnings earlier than curiosity, tax, depreciation, and amortization reaching $43.5 million.