Raspberry Pi, a British technology company specializing in single-board computers, has successfully secured a substantial investment of $211 million through its recent IPO debut. The company experienced a significant 39% increase in its share value upon entering the market, with shares priced at 280 pence each. This milestone marks a rare success for the London stock exchange, which has faced challenges in attracting technology-based listings. The company’s initial valuation stood at approximately £541.6 million.

Founded in 2012 by CEO Eben Upton, Raspberry Pi aimed to democratize computing access, particularly for young individuals. While initially popular among hobbyists, the company has strategically shifted its focus towards the industrial sector, with 72% of its unit sales targeting industrial applications like factory automation. In the fiscal year 2023, Raspberry Pi reported a revenue of $265.8 million, signifying a notable 41% year-on-year growth from the previous year.

The Raspberry Pi offering involved the sale of 45.9 million existing shares by the majority shareholder, Raspberry Pi Mid Co Limited, and 2.13 million shares by other stakeholders, in addition to 11.23 million newly issued shares. An overallotment option could potentially lead to an additional issuance of 4.6 million shares if demand persists, potentially increasing the total offer size to £178.9 million.

Despite its comparatively smaller size in the tech industry, notable supporters of Raspberry Pi include industry giants like Arm and Sony. In a significant move last year, Sony Semiconductor Solutions, a subsidiary of Sony Corporation, made an undisclosed investment in the British tech company. The IPO success of Raspberry Pi holds promise for revitalizing the London stock exchange, which has witnessed tech firms opting for listings in other regions such as the U.S. Last year, even U.K.-based chip designer Arm chose to list in the U.S, further highlighting the significance of Raspberry Pi’s IPO.