Raspberry Pi plans to list in London “when the markets are ready”, according to co-founder Eben Upton.
The company, which makes mini coding computers, originally planned to list in 2021 but that decision was delayed due to worsening market conditions and global chip shortages.
The business was subsequently backed by Lansdowne Partners, Ezrah Charitable Trust and Sony’s semiconductor division. The deal valued Raspberry Pi at around £409 million.
“We have a business now which is ready,” Upton told an event in Cambridge focused on its resellers. “Obviously there are market effects that are going to constrain our decisions, but the hope is, when the markets are ready, we’ll be ready as well.”
Launched to the market in 2012, Raspberry Pis are used widely in education and also have many other applications, such as powering retro gaming systems. The fifth generation of the mini systems – with added functionality and power – are coming out now.
Upton says they have sold 55m units to date. Revenues were £154m last year, with operating profit of £16m.
Saying there is “good, smart money in London”, he added: “I think this narrative that you have to run off to the US feels a little overblown.”
Chip designer Arm recently became the latest UK firm to opt for an IPO in New York over London despite overtures from the UK government.