Report: Raspberry Pi Trading hired investment banks Stifel and Liberum to advice on a London IPO planned for this spring, that would value Raspberry at ~$500M
The listing could see Raspberry Pi valued at $500m — According to a report in The Telegraph, Raspberry Pi Trading … Source: Telegraph . Tweets: @frankcatalano , @recantha , and @rob_kimbell Source: Ben Woods / Telegraph : Personal computer maker Raspberry Pi plans London listing Tweets: Frank Catalano / @frankcatalano : “Obviously, the $45m we raised in September takes away some of the urgency around figuring out how we fund the future. On the other hand, we have great plans for what we are going to do over the next five years.” #edtech https://twitter.com/... Michael / @recantha : Raspberry Pi Plans $500m Spring Listing. Wow. Looks like Trading is going full on London Stock Exchange. I could've sworn they explicitly said they weren't doing this, but okay. Beholden to shareholders ahoy! https://twitter.com/... Robert Kimbell / @rob_kimbell : And STILL they come... Personal computer maker Raspberry Pi plans London listing. The company behind Britain's best-selling personal computer is preparing the ground for a spring listing which is expected to value it at more than £370 million. https://www.telegraph.co.uk/ ...
Context & Ripple Effects
In November 2021, Raspberry Pi Trading moved from fundraising to exit planning: months after a September round that co-founder commentary said reduced urgency around funding, the Telegraph reported the Cambridge PC maker had hired Stifel and Liberum to advise on a spring London listing at roughly $500M.
The plan slipped but held its shape. By May 2024 the company had confirmed the London IPO, disclosing $265.8M of 2023 revenue, and by June it priced at £2.80 and jumped up to 39% on debut to a £542M market cap — close to the valuation band first floated back in this 2021 report.
First-order effects
- Stifel and Liberum take mandate control of Raspberry Pi's listing process, turning a privately funded hardware maker into a formal IPO candidate with a ~$500M working valuation target.
Second-order effects
- The London Stock Exchange gains a marquee consumer-hardware and education-technology listing prospect, one it ultimately landed two and a half years later when the float finally executed.
Third-order effects
- The gap between this 2021 bank hire and the 2024 listing shows how long the path from IPO preparation to execution can run even for a profitable, revenue-disclosed company — public-market readiness became a multi-year program rather than a spring event.
The trend: UK technology companies are treating the London Stock Exchange as their default public-listing venue, with Raspberry Pi's slow-burn float as a template case.