Raspberry Pi eyes 500m valuation in London PQ

COMPUTER maker Raspberry Pi gave the London stock market a huge boost today when it became the first major British company this year to unveil plans for an IPO in the City.

- Simon Hunt

The Cambridge-based business, which makes small single-board computers, said it hopes to use funds raised to invest in its sales arm to take products into more markets as well as build its design consultancy business.

The firm said it had a current total addressable market of about £17 billion, "reflecting a substantial opportunity for it to capitalise on and sustain its strong growth trajectory". Raspberry Pi is thought to be seeking a valuation of £500 million in a float.

The firm reported revenues were $266 million (£211 million) in 2023, with gross profits of $66 million and operating profit of $38 million.

CEO Eben Upton said: "A remarkable ecosystem of individuals and businesses has grown around Raspberry Pi, supporting both the enthusiast and industrial markets to innovate and succeed with our products.