GCIRaspberry Pi confirms London IPO
[Renan - stock.adobe.com]
Computer maker Raspberry Pi confirmed on Wednesday that it plans to float on the London Stock Exchange, likely in June.
The company said it will issue new shares to raise $40m, the net proceeds of which will be used for engineering capital expenditure, to enhance its supply chain resilience and for other general corporate purposes.
Semiconductor and software designer Arm has agreed to buy $35m of shares in the IPO and Lansdowne Partners has agreed to buy up to $20m of shares. Both are existing shareholders.
Martin Hellawell, non-executive chair of Raspberry Pi, said: "We are delighted to confirm our intention to float on the London Stock Exchange, underscoring our confidence in the UK as the home for innovative and growing global businesses.
"Raspberry Pi is a British computing success story, and this marks the next stage in the evolution of the company. Through the team's dedication to excellence in high-performance, low-cost, general-purpose computing, Raspberry Pi has been transforming the global computing landscape since its first product was launched in 2012, successfully marrying a social agenda with commercial focus.
"The company's strong financial track record has enabled it to distribute $50m to the Raspberry Pi Foundation to further their global educational mission, while providing affordable and exceptionally versatile computing platforms to support innovation by countless professional design engineers and Raspberry Pi enthusiasts around the world. We greatly appreciate the long-term support of our cornerstone investors, Arm and Lansdowne, and look forward to widening our shareholder base as we take the next steps in our journey."
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