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British low-cost computer hardware group Raspberry Pi’s shares soared on their stock market debut, at one point up 40 percent before they eased back.
Raspberry Pi’s flotation saw its shareholders, including the eponymous technology education charity that founded it, sell shares worth approximately a third of the company for 280p per share or £166million to investors.
The shares were sold to both retail and institutional investors.
However, demand for the shares quickly sent the company’s value soaring from £541million to a peak of £758.2million, before they slid back £20million.
The technology company’s initial public offering is a shot in the arm for the London Stock Exchange, given the dearth of new listings on it and defections to rival exchanges like New York.
More specifically, homegrown technology companies like Arm have snubbed London in favour of its rivals.
Dan Coatsworth, AJ Bell investment analyst, described Raspberry Pi as “the most significant IPO for the London market” in years.
He said: “It shows the UK is open for business to technology flotations and that investors are hungry for companies of any size if they tick the right boxes.
“There is a widely held view that tech companies only float in the US where they can potentially get a higher valuation.
“Raspberry Pi is proof that the UK can still compete against the likes of the Nasdaq and attract home-grown champions.”
Raspberry Pi chief executive Eben Upton said: “London has the right calibre and sophistication of investor to support growing, ambitious technology businesses such as Raspberry Pi.”
