Raspberry Pi prices London IPO with up to $688 million valuation
By Ian Walker
Raspberry Pi, the U.K. maker of low-cost computers, is expected to be worth up to 540 million pounds ($688 million) when it floats on the London Stock Exchange next week.
Peel Hunt said Monday that the price range for shares will be 260 pence to 280 pence and that the final price will be outlined on June 11, when the company will start conditional trading on the London Stock Exchange. Unconditional trading is expected to start on June 14.
Peel Hunt is joint bookrunner, sponsor and global co-ordinator to the IPO alongside Jefferies International.
Raspberry Pi is seeking to raise $40 million in new money which will be used to boost its supply chain and for general corporate purposes.
The Raspberry Pi Foundation is expected to sell up to 10% of its shares under the IPO while Arm Technology Investments 2 and Lansdowne Partners (UK) have agreed to buy $35 million and $20 million shares, respectively.
Arm (ARM) currently owns 3.3% of the company while Lansdowne owns 4.15%.
The company's decision to float in London is a coup for the City bourse following a string of recent defections. China-founded online fashion company Shein is also expected to announce this week that it has selected London for its IPO.
Irish building-materials supplier CRH, which was listed on London's FTSE 100 index, moved its main listing to New York in September. Flutter Entertainment-which houses FanDuel, PokerStars, and Paddy Power among its brands-started trading in New York on Jan. 29, while German travel company TUI AG shareholders approved the company's London delisting plan in February.
British chip maker Arm Holdings chose New York over London for its stock market return and most recently Indivior said that it planned to switch its main listing to the U.S, while retaining a secondary listing in the U.K.
Write to Ian Walker at ian.walker@wsj.com
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06-03-24 0521ET
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