July 23, 2024

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Raspberry Pi’s shares surge as it makes its debut on the stock market

Shares of the computer firm Raspberry Pi surged by up to 40% as they debuted on the London Stock Exchange.

The Cambridge-based company is renowned for its affordable credit card-sized computers aimed at enhancing coding skills in children. Early trading on Tuesday saw shares reaching 392p, surpassing the initial public offering (IPO) price of 280p. Raspberry Pi’s CEO, Eben Upton, attributed the positive response to the exceptional team and loyal community. Established in 2008, the company released its first product in 2012 and has sold over 60 million single-board computers to date.

The IPO indicated a valuation of £541.6m ($688.8m), with the listing expected to raise £166m ($211m). Trading began with institutional investors and on the London Stock Exchange, with full open trade scheduled for Friday. Kathleen Brooks, research director at XTB brokers, noted the significance of the listing in London, indicating vitality in the stock market. Raspberry Pi intends to utilize the raised equity for engineering projects, enhancing its supply chain, and other corporate endeavors.

Its products are distributed in over 70 countries worldwide and are overseen by the Raspberry Pi Foundation, a UK charity established in conjunction with the company in 2008 to promote computer science among youth.