Sony-backed computing startup Raspberry Pi set for public debut with IPO in London

UK-based computing startup Raspberry Pi is planning to make a public debut with an initial public offering (OPO) listing on the London Stock Exchange. In a filing, the startup, which makes miniature single-board computers, said it plans to publish a registration document as part of the IPO proceedings to provide comprehensive insights into its business operations.

The IPO presents an opportunity for the Raspberry Pi Foundation, the majority shareholder of the firm and a charity dedicated to promoting computer science education, to reinforce its commitment to empowering young minds through computing, as expressed by Raspberry Pi CEO and founder Eben Upton.

Raspberry Pi is renowned for its iconic line of compact single-board computers, roughly the size of a credit card, utilized in a myriad of applications from high-altitude balloons to miniature submarines. The company enjoys backing from Japanese consumer electronics giant Sony and British chip designer Arm.

The IPO is a big win for the London Stock Exchange amid its struggles to attract high-growth tech companies. Over the past year, several major U.K. tech firms have opted for New York over London for their public listings.

The blow came in September 2023 when British chip designer Arm chose to list on the Nasdaq in New York, dealing a significant setback to London’s aspirations of attracting major tech listings. More recently, the Sunday Telegraph reported mounting pressure on British retail tech pioneer Ocado to shift its listing from London to New York.

Reports from Sky News on Tuesday suggest that Klarna is leaning towards New York as its preferred IPO venue for an eagerly anticipated public offering slated for early 2025. However, a spokesperson for Klarna declined to comment on the location of the IPO, CNBC reported.

Founded in 2012 by Eben Upton. Rob Mullins, and Jack Lang with the mission of democratizing computing for the youth, Raspberry Pi initially gained traction among hobbyists and educators. Over time, it has evolved into a significant enterprise, selling 60 million units across 70 countries to date. Approximately 72% of its unit sales stem from commercial clients integrating its products into industrial settings or consumer devices.

Besides the IPO, the startup is also profitable, For the fiscal year ending December 2023, Raspberry Pi reported revenues of $265.8 million, accompanied by adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) amounting to $43.5 million.

Raspberry Pi (Source: Raspberry Pi website)