The company behind Britain’s best-selling personal computer is setting the stage for a spring listing that is expected to value it at over £ 370million.
The commercial arm of the Raspberry Pi Foundation has hired bankers from Stifel and Liberum to advise a float in London after securing a $ 45million (£ 33million) investment in September.
The Cambridge-based foundation transferred stakes to Lansdowne Partners and Ezrah Charitable Trust to fund product development and marketing after seeing demand soar for its miniature personal computers during the lockdown.
A source said a listing in London would value Raspberry Pi at “a premium” from the $ 500million (£ 370million) valuation it attracted as a result of the deal.
Raspberry Pi, a charity whose profits are used to promote computing, was founded by Eben Upton in 2009.
He created a single board computer that was widely used to advocate for programming in schools.
The Telegraph revealed in March that it was exploring ways to raise capital, including through a possible IPO on the London Stock Exchange.
Mr. Upton, Managing Director of Raspberry Pi Trading, said, “We’re always looking at how we finance the future of the business.
“Obviously, the $ 45 million we raised in September takes some of the urgency of figuring out how we will fund the future. On the other hand, we have big plans for what we’re going to do in the future. over the next five years. “
The potential Raspberry Pi float comes amid a flurry of London announcements spanning video games, food, digital payments and online retail.
Earlier this month, The Telegraph reported that Leaf Mobile, Canada’s largest free mobile game developer, was raising C $ 10million (£ 6million) through a double listing in the capital.
Huel, the maker of meal replacement drinks, has hired bankers from Goldman Sachs and JP Morgan ahead of a £ 1 billion IPO next year.
Meanwhile, Devolver Digital, the US publisher behind the hit Fall Guys: Ultimate Knockout, launched a £ 700million London float earlier this month.
Raspberry Pi, which made a profit of £ 11.4million after sales hit a record 7.1million units last year, exports around 90% of its products.
The majority of its money comes from license revenues. After designing the products, manufacturers pay the organization a royalty to make them.
Last year, it expanded its product line by launching the most powerful computer card in the company’s history for $ 25.
The Raspberry Pi Compute Module 4 has compute capability to support 4K video, while the previous Pi had the capability to handle graphics similar to a Playstation 2 video game console.
The organization followed the launch with the Raspberry Pi Pico in January, which costs as little as £ 3.60 and has been picked up by beginners learning MicroPython code.