Sony-backed Raspberry Pi is headed for a rare IPO in London

British computer startup Raspberry Pi said on Wednesday it plans to list in London, a rare win for the British stock market.

Raspberry Pi, which makes tiny single-board computers, is considering an initial public offering on the main market of the London Stock Exchange. In a filing, the company said it plans to publish a registration document to disclose information about its business as part of the IPO process.

The IPO is a victory for the London stock market, which has struggled to attract high-growth technology companies. A number of major UK tech firms have chosen New York over London for their listings over the past year.

British chip designer hand listed in September 2023 on Nasdaq in New York, in a major blow to London’s bid to attract major tech listings. Most recently, British tech retail pioneer Ocado faced calls from investors to move its listing from London to New York, according to the Sunday Telegraph.

Sky News reported on Tuesday that Klarna is eyeing New York as the preferred location for a long-awaited IPO planned for early 2025. A Klarna spokesman said the company had nothing to share about the location of a possible IPO.

The IPO serves as an opportunity for the Raspberry Pi Foundation, the firm’s majority shareholder and a charity promoting the study of computer science, to double down on its “exceptional work to enable young people to realize their potential through the power of computers,” it said Raspberry Pi CEO and founder Eben Upton.

Raspberry Pi makes the iconic line of tiny single-board computers of the same name, which are roughly the size of a credit card and have been used to build everything from high altitude balloons to small radio controlled submarines.

The company is backed by the Japanese consumer electronics giant Sony and British chip designer Arm.

Upton created the Raspberry Pi in 2012 to make computing more accessible to young people, gaining popularity among hobbyists and teachers in the early days. The company has since grown into a much bigger business with sales of 60 million units in over 70 countries to date. About 72% of the company’s unit sales come from commercial customers who embed its products in factories or consumer devices.

Raspberry PI said on Wednesday it posted revenue of $265.8 million in the year ending December 2023, with adjusted earnings before interest, taxes, depreciation and amortization coming in at $43.5 million.