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Raspberry Pi’s 2024 London IPO: What It Raised and Where the Money Went

Raspberry Pi’s £166 million IPO offer was not all new money for the company: about £31.4 million came from newly issued shares, while Foundation share-sale proceeds were separate.
From TheFinanceBase Team3 min to read
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Raspberry Pi Holdings priced its London IPO at 280 pence a share on 11 June 2024 and began unconditional trading on the London Stock Exchange on 14 June under ticker RPI. The total offer was £166.0 million (about $211.2 million), but only approximately £31.4 million (about $40 million) in gross proceeds came from newly issued shares for the company. Most of the offer involved existing shareholders selling shares.

When Raspberry Pi listed in London

Raspberry Pi Holdings plc priced its IPO at 280 pence per ordinary share on 11 June 2024. Conditional dealings began that day under ticker RPI. Formal admission to the premium listing segment of the FCA Official List and unconditional trading on the LSE Main Market followed on 14 June 2024. Raspberry Pi’s IPO announcement gives the pricing and initial trading details; the admission announcement records the formal listing.

The company estimated its market capitalisation at £541.6 million when conditional dealings began. That is an IPO-era figure, not a current valuation. The LSE’s Q2 2024 review also records £541.6 million at admission.

How much money the IPO raised—and who received it

The £166.0 million (about $211.2 million) headline amount was the size of the offer, not the amount of new capital Raspberry Pi Holdings received. The issuer said the offer could rise to £178.9 million (about $227.6 million) if the over-allotment option were fully exercised. The company’s 11 June announcement does not describe that larger amount as the base offer. The issuer’s announcement gives these offer figures.

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Proceeds or measure Amount What it represents
Total offer £166.0 million (about $211.2 million) The issuer’s stated offer size; it includes existing-shareholder sales as well as newly issued shares. The headline’s $211.5 million is a close rounded conversion, rather than the issuer’s stated dollar equivalent. Raspberry Pi, 11 June 2024.
Company primary proceeds Approximately £31.4 million (about $40 million) gross Raised through 11,228,572 newly issued shares, before share-issuance costs. Raspberry Pi, 11 June 2024.
Company net proceeds $32.4 million Reported in Raspberry Pi’s FY2024 results after $7.6 million in share-issuance costs. Raspberry Pi FY2024 results.
Foundation-related share-sale proceeds $180 million Proceeds reported by the Raspberry Pi Foundation through its wholly owned selling subsidiary; this was separate from the company’s primary capital raise. Raspberry Pi interim report.

The London Stock Exchange gives a different admission measure: £172.9 million raised at admission, split 19.6% primary and 80.4% secondary. That exchange figure is based on its admission reporting, while Raspberry Pi described £166.0 million as the offer size before full exercise of the over-allotment option; they should not be added together or treated as interchangeable. LSE Q2 2024 report.

What Raspberry Pi Holdings intended to do with its proceeds

The LSE’s Q2 2024 listing case study says Raspberry Pi intended to use its net proceeds toward improving capital expenditure and developing supply-chain resilience, among other general corporate purposes. CEO Eben Upton described the broader strategic rationale as using access to public markets to build more products faster. LSE Q2 2024 report; Raspberry Pi IPO announcement.

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That describes the company’s intended uses, not a claim that each IPO pound was assigned to a single project. The IPO materials framed the proceeds as supporting investment and general corporate purposes.

What the Foundation’s proceeds were for

The Foundation’s $180 million share-sale proceeds were separate from the money raised for Raspberry Pi Holdings. The company’s interim report said the proceeds would support the Foundation’s worldwide mission to help young people realise their potential through computing and digital technologies. Raspberry Pi interim report.

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Why the listing was significant

Raspberry Pi said it had sold more than 60 million computers by June 2024. In its IPO announcement, Upton called the listing “a watershed moment” and said public-market access would help the company build more products faster. He also said welcoming new shareholders brought a responsibility to continue making high-performance, low-cost computing accessible to everyone. Raspberry Pi, 11 June 2024; Raspberry Pi sales announcement.

Those statements explain the company’s rationale at the time of the IPO; the historical listing figures do not establish a current share price, valuation, or investment case.

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