Shares in UK budget computer firm Raspberry Pi increased by up to 40% on Tuesday morning following its highly anticipated initial public offering (IPO). The tech company's shares surged to 392p shortly after the opening bell, significantly outperforming their IPO price of 280p, which was set before the market opened. Raspberry Pi announced a valuation of £541.
6 million in a recent stock market update, with the IPO expected to generate £166 million for the company. Trading kicked off with "conditional dealing" for institutional investors and members of the London Stock Exchange on June 11, with the full public trading slated to commence on Friday. Eben Upton, the 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.
" He added: "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 successful IPO is being celebrated as a significant win for the London market, which has recently seen several UK-listed companies either being acquired or moving their listings overseas. In a trend of departures, Flutter Entertainment shifted its primary listing to New York, while travel giant Tui AG confirmed plans to delist from the London exchange in February.
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