Raspberry Pi’s shares hit 392p in early trading, above its IPO price of 280p, which was announced before markets opened. The IPO terms suggested a valuation of £541.6 million, the company said in a stock market update.
Raspberry Pi said the listing would raise £166 million. Shares began trading in “conditional dealing”, where institutional investors and those on the London Stock Exchange on June 11, with a full open trade due to begin on Friday. Eben Upton, chief executive of Raspberry Pi, said: “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.” The IPO has been hyped as a welcome victory for the London market, which has been hit by a swathe of UK-listed firms being bought out or defecting abroad. Paddy Power-owner Flutter has moved its main stock market listing to New York while German-owned Tui approved a plan to delist from London in February, and in another blow UK chip maker Arm Holdings chose Wall Street over London for its stock market return.
Kathleen Brooks, research director at XTB, said the listing was a “warm welcome” from investors. She added: “This is a sign that there is life in the London stock market, and.
