The British technology company Raspberry Pi has confirmed its intention to go public in the United Kingdom, in an important boost for the London Stock Exchange.
The Cambridge-based company, best known for selling low-cost computers aimed at helping children learn about computing, has been a UK technology business success story, selling 60 million units worldwide since 2012.
In a market update, the company said it would submit a registration to join the London stock market, with the intention of fully listing.
The business could be valued at up to £500m, according to the Sunday Times, which first reported the intention to go public.
Raspberry Pi’s decision is good news for the London Stock Exchange, which has struggled to attract listings from large companies this year, while some members have moved their listings to other exchanges.
Earlier this month, Paddy Power owner Flutter announced its decision to move its primary listing to New York. This followed Anglo-German travel company Tui and construction materials company CRH also shifting their listings outside the UK last year.
However, according to recent reports, Chinese-founded fast fashion company Shein is stepping up preparations to list in London after its attempt to list in New York faced regulatory hurdles and pushback from US lawmakers.
Raspberry Pi is a subsidiary of the Raspberry Pi Foundation, which was co-founded by Eben Upton in 2008, with the aim of promoting interest in computing in children.
The foundation, which has received $50m (£40m) in dividends from the company since 2013, will remain a major shareholder after the listing.
The company’s main products are small computer boards that can cost as little as $15 and can function as a fully functioning computer when connected to a display.
They are primarily intended to help children develop coding and IT development skills, but now companies are also using them to power their own systems, such as security cameras and ventilation systems.
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For the year ended December 31, 2023, the company posted operating profits of $37.5 million on revenue of $265.8 million.
Upton said: “For the Raspberry Pi Foundation, a patient and supportive shareholder, this IPO provides the opportunity to double down on its excellent work to enable young people to achieve their potential through the power of computing.
“In an increasingly connected world, the market for Raspberry Pi’s low-cost, high-performance computing platforms continues to expand. “We have the technology roadmap to play an increasingly important role and we are excited to embark on the next stage of our growth.”