British personal computer maker Raspberry Pi has announced that it is considering a London initial public offering, in what would be a coup for the UK capital after several UK firms chose to list in the US.

The company, which makes low-cost computers popular among industrial IoT customers, hobbyists and educators, said it intended to publish a registration document with the London Stock Exchange, according to a statement on Wednesday. The company did not disclose how much it plans to raise.

Raspberry Pi, which is controlled by a charitable foundation, was previously reported to be considering a listing in early 2022. Since then, it raised money from British chip maker ARM Holdings and Sony Group’s semiconductor division. It was valued at about US$560-million (R10.3-billion) post the ARM investment.

London has faced an exodus from its exchange, with listed companies including ARM and bookmaker Flutter Entertainment snubbing the city in favour of New York.

“For the Raspberry Pi Foundation, a patient and supportive shareholder, this IPO brings the opportunity to double down on their outstanding work to enable young people to realise their potential through the power of computing,” said CEO Eben Upton in the statement.

Raspberry Pi’s 2023 revenue was $265.8-million, with adjusted earnings before interest, tax, depreciation and amortisation of $43.5-million. It has appointed bankers at Peel Hunt and Jefferies to prepare for the listing. — Olivia Solon, (c) 2024 Bloomberg LP