British computer business Raspberry Pi is finalising plans to float on the stock market this month in a transaction that could value it at up to £500 million.
The Cambridge-based business is best known for selling low-cost, credit-card-sized computers to help children learn to code.
The float could take place within the next ten days, according to City sources, although they cautioned that it could be delayed if market conditions deteriorate.
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Raspberry Pi’s figures for 2022, the latest accounts filed at Companies House, show it employed 94 staff and made $20 million of operating profit from $187 million of revenue.
If the flotation takes place, it would be the second attempt by Raspberry Pi to list on the market. Upton had aimed to float the company in London in 2021 but ditched the plan when stock markets were knocked by Russia’s invasion of Ukraine. Raspberry Pi was also hit by a worldwide shortage of semiconductor chips.
Upton, who works at the firm with his wife, Liz, revived talk of a listing last October when he said “when the markets are ready, we’ll be ready as well”. It is understood Raspberry Pi has been telling prospective investors that it can grow the company by selling more of its products to businesses and through international sales.
They were, yes. Their social media Watergate really upended them for me. The events since and now, this is all downhill. Barring a complete reversal of corporate attitude, I will probably not be back.
This isn’t still complaining about the fact they hired an ex-policeman?
Sort of. The response to that was totally uncalled for. And they just kept digging when they had a chance to turn it around.