The wait is over! Raspberry Pi Ltd, the trading subsidiary of the Raspberry Pi Foundation has confirmed a June 2024 date for its $40 million Initial Public Offering (IPO). The confirmation comes via a Confirmed Intention to Float document published on the London Stock Exchange (LSE).
The IPO is comprised partly of existing shares being sold to certain shareholders which includes the "Principal Shareholder" which is "Raspberry Pi Mid Co Limited" a wholly owned subsidiary of the Raspberry Pi Foundation and has Raspberry Pi Foundation CEO Philip Colligan as a director. New shares will be issued for sale by Raspberry Pi as a means to raise $40 million which will be used for engineering capital expenditure, to enhance the Raspberry Pi supply chain, and for general corporate purposes.
In the announcement, we can see on the second bullet point that on May 21 the principal shareholder, Arm, and Lansdowne Partners (UK) LLP entered into an agreement where Arm and Lansdowne agreed to purchase shares. Arm will purchase $35 million worth of shares, and Lansdowne will purchase up to a maximum of $20 million in shares.
Both Arm and Lansdowne are existing shareholders, with Arm purchasing a minority stake back in 2023. Arm has an existing link to Raspberry Pi with the series of Arm-based CPUs that power all of the boards.
Martin Hellawell, Non-Executive Chair of Raspberry Pi further confirms that the float is about to happen.
"We are delighted to confirm our intention to float on the London Stock Exchange, underscoring our confidence in the UK as the home for innovative and growing global businesses. Raspberry Pi is a British computing success story, and this marks the next stage in the evolution of the company."
Paul Williamson, Senior Vice President and General Manager, IoT Line of Business, at Arm made this comment:
"With a shared vision to lower barriers to innovation and make computing accessible for everyone, Arm and Raspberry Pi are natural collaborators - and as demand for more compute and AI at the edge grows, Raspberry Pi's solutions will continue to drive the adoption of high-performance IoT devices. Following our strategic investment in the business last year, we look forward to increasing our stake as Raspberry Pi steps into this new exciting chapter."
