11 June 2024 Capital Markets - Equity

Linklaters advises Raspberry Pi on its IPO and listing on the Premium Segment of the London Stock Exchange

Linklaters has advised Cambridge-based Raspberry Pi on its Initial Public Offering (IPO) and listing on the Premium Segment of the London Stock Exchange (LSE).

The Company is a leading designer and developer of high-performance, low-cost single board computers and compute modules for industrial Internet of Things customers and embedded uses, as well as for educators and enthusiasts, in markets worldwide. Since 2012, Raspberry Pi has sold over 60 million SBCs and compute modules.

  • The Offer Price has been set at 280 pence per Ordinary Share, equating to a market capitalisation of approximately £541.6 million at the commencement of conditional dealings.
  • The Global Offer comprises: 45,935,065 Ordinary Shares being sold by the Company’s existing majority shareholder, Raspberry Pi Mid Co Limited, a wholly owned subsidiary of the Raspberry Pi Foundation (the “Principal Shareholder”); 2,125,115 Ordinary Shares sold by certain other shareholders in the Company; and 11,228,572 Ordinary Shares being issued by the Company to raise approximately £31.4 million (c. $40 million).
  • Assuming that the Over-allotment Option is exercised in full, the final offer size will be £178.9 million (c. $227.6 million), representing approximately 33.0 per cent of the Company’s Ordinary Shares.

The team was led by Linklaters’ Global Chair of Equities Jason Manketo, alongside Corporate counsels Philippa Gavey and Asad Ahmed, Capital Market’s counsel Scott James, and associates William Smith and Connor Chalmers.

They were supported by Global Head of Employment & Incentives Alexandra Beidas and counsel Julie Sharp on employment and incentive matters and Corporate and Structured Lending partner Caroline Courtney on banking matters.

Jason Manketo commented:

“We are thrilled to have been part of Raspberry Pi’s transformative journey to the public markets in London, and to have had the opportunity to support one of the UK’s leading, home grown technology companies and the Cambridge tech ecosystem.”

This is the latest IPO advised on by Linklaters’ Global Corporate and Equities Group in 2024, which has also recently advised on the IPOs of Spinneys, Atalaya Mining, RENK Group, Athens International Airport and Theon International.