Raspberry Pi shares jump as retail investors join the fray
By Josh White
Date: Friday 14 Jun 2024
(Sharecast News) - Budget computer maker Raspberry Pi saw a significant jump in its shares on Friday morning, as retail investors began trading its stock.
The company's shares surged 16% in early trading, reaching 478p - a 70% increase from its initial public offering (IPO) price earlier in the week, according to the Independent.
First listed at 280p per share on Tuesday, Raspberry Pi's stock had already climbed 47% by Thursday, closing at 412p.
The initial trading phase was restricted to institutional investors, but Friday's activity showed strong interest from retail investors as well.
Raspberry Pi raised £166m in its IPO.
Founded by Eben Upton in 2008, Raspberry Pi released its first product in 2012 and has since sold more than 60 million single-board computers globally.
The company operates in more than 70 countries and is a subsidiary of the Raspberry Pi Foundation - a UK charity aimed at promoting computer science education among youth.
The foundation, a major shareholder, had received around $50m in dividends since 2013, which it had reinvested into its educational initiatives worldwide.
In 2023, Raspberry Pi reported revenue of $265.8m, and operating profits of $37.5m.
At 1051 BST, shares in Raspberry Pi were up 14.29% at 478.84p.
Reporting by Josh White for Sharecast.com.
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