Raspberry Pi shares soared on the microcomputer maker’s first day as a public company, providing a boost to London’s market for new stock listings.
Opening at 360 pence per share, well above the initial public offering (IPO) price of 280 pence, the stock climbed by as much as 36%.
The company, known for its low-cost computers popular among amateur coders and educators, achieved a market capitalization of approximately £542 million after pricing the IPO at the top end of its range.
This modest deal is viewed as a positive sign for London, which has lagged in this year’s resurgence of listings in Europe.
Announcement of Offer Price of 280 pence per share
Following the confirmation of intention to float announcement on 22 May 2024, Raspberry Pi today announces the successful pricing of its initial public offering (the “IPO”) at 280 pence per Ordinary Share (the “Offer Price”). Based on the Offer Price, Raspberry Pi’s market capitalisation will be approximately £541.6 million at the commencement of conditional dealings on the Main Market of the London Stock Exchange.
Eben Upton, CEO of Raspberry Pi, commented:
“The quality of the interactions during the marketing process has underlined our belief that London has the right calibre and sophistication of investor to support growing, ambitious technology businesses such as Raspberry Pi. The reaction that we have received is a reflection of the world-class team that we have assembled and the strength of the loyal community with whom we have grown.
“Welcoming new shareholders alongside our existing ones brings with it a great responsibility, and one that we accept willingly, as we continue on our mission to make high-performance, low-cost computing accessible to everyone.”
Offer Highlights
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The Offer Price has been set at 280 pence per Ordinary Share, equating to a market capitalisation of approximately £541.6 million at the commencement of conditional dealings.
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The Global Offer comprises: 45,935,065 Ordinary Shares being sold by the Company’s existing majority shareholder, Raspberry Pi Mid Co Limited, a wholly owned subsidiary of the Raspberry Pi Foundation (the “Principal Shareholder”); 2,125,115 Ordinary Shares sold by certain other shareholders in the Company; and 11,228,572 Ordinary Shares being issued by the Company to raise approximately £31.4 million (c. $40 million).
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This equates to a total offer size of £166.0 million (c. $211.2 million) and represents c. 30.7 per cent of the Company’s Ordinary Shares on Admission.
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The Global Offer was made to intermediaries using the Peel Hunt REX portal for distribution to retail investors in the United Kingdom (the “REX Intermediaries Offer”). Of the 59,288,752 Ordinary Shares being sold in the Global Offer, 2,421,921 were issued to intermediaries via the REX Intermediaries Offer at the Offer Price, raising approximately £6.8 million.
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On Admission, the Company’s issued share capital will be 193,415,715 Ordinary Shares. A further 4,593,506 Ordinary Shares in the Company are being made available by the Principal Shareholder pursuant to the Over-allotment Option (as defined in the Prospectus).
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Assuming that the Over-allotment Option is exercised in full, the final offer size will be £178.9 million (c. $227.6 million), representing approximately 33.0 per cent of the Company’s Ordinary Shares.
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In connection with the Global Offer, each of the Company, its directors and the Principal Shareholder have agreed to customary lock-up arrangements restricting the disposal of Ordinary Shares after Admission for a period of 180, 365 and 360 days respectively. |
Admission and Dealings
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Commencement of conditional dealings in the Ordinary Shares are expected to take place on the London Stock Exchange at 8:00 a.m. (London time) on 11 June 2024 under the ticker “RPI” (ISIN: GB00BS3DYQ52). Investors should note that only those who applied for and were allocated Ordinary Shares in the Global Offer will be able to deal in the Shares on a conditional basis.
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Admission to the premium listing segment of the Official List of the FCA and to trading on the Main Market for listed securities of the London Stock Exchange, and the commencement of unconditional dealings is expected to take place at 8.00 a.m. (London time) on 14 June 2024.
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Full details of the Global Offer will be included in the Prospectus, which is expected to be published later today and will be available on the Company’s website at https://investors.raspberrypi.com/ipo, subject to certain restrictions.
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For more information, please contact:
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Alma Strategic Communications (Public Relations adviser to Raspberry Pi) |
T: +44 (0)203 405 0205 |
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Josh Royston, Andy Bryant, Caroline Forde, Hannah Campbell |
