London’s stock market got a welcome boost on Tuesday after shares in Raspberry Pi jumped a third in early morning trading as the affordable computer supplier began life as a public company. Raspberry Pi's shares soared over 390p in early trading, well above its initial price offering of 280p, which was announced prior to markets opening. Trading is currently only open to certain institutional shareholders with full trading to include retail investors to begin on 14 June.
The IPO terms pointed to a valuation of almost £550 million, the firm said in a stock market update. Raspberry Pi said the listing would raise £166 million. The IPO has been cited as a victory for the London market, which has suffered from a number of UK-listed firms being bought out or moving abroad.
Paddy Power-owner Flutter, for example, has shifted its main stock market listing to New York, while German-owned Tui signed off a plan to delist from London in February. A preference for New York Before Raspberry Pi’s IPO, London’s stock market has struggled to attract interest from high-growth technology firms, which have shown a preference to list in New York. Indeed, the London Stock Exchange lost out to the US last year when UK chip maker Arm Holdings chose Wall Street over London for its stock market return.
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 o.
