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Raspberry Pi Holdings plc’s June 2024 London IPO was valued at £166.0 million (about $211.2 million) before any full exercise of the over-allotment option. That total offer was not all new money for the company: Raspberry Pi raised about £31.4 million ($40 million) gross by issuing new shares, while the Raspberry Pi Foundation separately reported $180 million from selling shares.
When did Raspberry Pi start trading in London?
Raspberry Pi Holdings priced its shares at 280 pence each on 11 June 2024. Conditional dealings began that day under the ticker RPI. Formal admission to the premium listing segment of the FCA Official List and unconditional trading on the London Stock Exchange Main Market followed on 14 June 2024. Raspberry Pi’s 11 June announcement and the LSE admission notice describe the respective milestones.
The company estimated its market capitalisation at £541.6 million at the start of conditional dealings. The London Stock Exchange also recorded £541.6 million at admission; this is an IPO-era figure, not a current valuation. Raspberry Pi’s offer-price announcement and the LSE’s Q2 2024 report give those figures.
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How much did the IPO raise?
The company described the total offer as £166.0 million, or about $211.2 million, before full exercise of the over-allotment option. The often-quoted $211.5 million is a close rounded conversion, but it is not the exact dollar amount in the company’s announcement. If the option had been exercised in full, the offer could have reached £178.9 million (about $227.6 million). The company’s 11 June offer-price announcement states these amounts and the condition attached to the higher figure.
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That total should not be mistaken for cash received by Raspberry Pi Holdings. The announced offer comprised 59.3 million shares, of which 11,228,572 were newly issued by the company. Those new shares raised approximately £31.4 million ($40 million) gross, before costs. Most of the offer was the sale of existing shares by shareholders rather than new capital for the company. The offer announcement provides the share counts and gross proceeds.
Later, Raspberry Pi’s FY2024 results reported $32.4 million in net proceeds to the company after $7.6 million in share issuance costs. That net figure is different from the £31.4 million gross primary raise because it reflects costs and is reported in dollars. The FY2024 results report the net proceeds and costs.
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What did the Foundation receive?
The Raspberry Pi Foundation’s wholly owned selling subsidiary also sold existing shares. The Foundation reported $180 million in proceeds from that sale. These proceeds were separate from Raspberry Pi Holdings’ primary capital raise; the company’s interim report said they would support the Foundation’s worldwide mission to help young people realise their potential through computing and digital technologies. The company’s 2024 interim report describes the proceeds and their purpose.
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How should the different IPO totals be compared?
Different reports use different measures of the transaction. The issuer’s £166.0 million figure describes the offer size before full exercise of the over-allotment option. The London Stock Exchange’s Q2 2024 deal summary records £172.9 million raised at admission and classifies the transaction as 19.6% primary and 80.4% secondary. These figures have different stated bases, so they should not be combined as if they were the same total. The LSE report gives its admission measure and split.
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What was the company’s plan for its share of the proceeds?
The London Stock Exchange’s Q2 2024 listing case study says Raspberry Pi intended to use net proceeds toward improving capital expenditure and developing supply-chain resilience, among other general corporate purposes. CEO Eben Upton also described the strategic rationale as gaining access to public markets to build more products faster. The LSE case study outlines the stated uses, while Upton’s IPO announcement describes the broader rationale.
At the time of the listing, Raspberry Pi said it had sold more than 60 million computers. That figure provides context for the business entering public markets; it does not change the distinction between company proceeds and the Foundation’s separate share-sale proceeds. The company’s IPO announcement gives the sales figure.
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