Investors are snapping up the shares of a British maker of tiny computers after it went public on the London Stock Exchange Tuesday.
Raspberry Pi stock soared as much as 40% in early trade before paring those gains slightly by 11.54 a.m. ET to trade at £3.85 , still about 38% above their listing price. The initial public offering valued the startup at nearly £542 million . The Cambridge-based company started life in 2012 as a commercial subsidiary of the Raspberry Pi Foundation, a charity founded four years earlier to promote computer science in schools.
In 2022, the University of Cambridge declared one of the company’s computers — its cheapest, with a price tag of only $35 — the “best-selling computer to come out of the UK.” A rare win for London’s stock market The IPO raised £166 million , making it Britain’s second-biggest this year, according to data provider Dealogic. Raspberry Pi plans to invest the funds raised in developing its products and expanding its educational activities.
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