Computing firm to raise $211 million

British computing startup Raspberry Pi on Tuesday is set to raise £166 million ($211.2 million) from its initial public offering, in a rare win for London’s main stock exchange which has struggled to attract technology listings.

Raspberry Pi, which makes tiny single-board computers priced its shares at 280 pence apiece. Shares will begin trading on the London Stock Exchange once the market opens. Based on the pricing of its shares, the company is valued at around £541.6 million.

While small relative to other tech firms, the IPO could breathe life into the struggling London bourse, which has been snubbed by technology firms in favor or listings in other parts of Europe, and particularly in the U.S.

Softbank-owned chip designer Arm, which is headquartered in the U.K., chose to list in the U.S last year.

A number of high-profile industry staples back Raspberry Pi, including Arm and Sony. Last year, Sony Semiconductor Solutions, a subsidiary of Sony Corporation, invested an undisclosed amount in the British startup.

Raspberry CEO Eben Upton established the company in 2012 to make computing more accessible to young people. Its single board computers can be used to power a whole range of uses.

While it initially gained traction with hobbyists, the company says that 72% of its unit sales target the industrial market, where it is used, for example, in factories.

In 2023, Raspberry Pi posted revenues of $265.8 million, up 41% year-on-year from 2022.

This breaking news story is being updated.