Raspberry Pi set for £540mln London float

British homebrew PC maker Raspberry Pi is expected to sell £160 million of stock in its planned London IPO, which will value the company at £540 million.

Raspberry Pi, in a statement, announced it would price its IPO shares at 260p each, with the stock market float expected to complete later this month.

Share trading is expected to start, provisionally, on 11 June with the full admission (unconditional trading) begin on 14 June.

The IPO will see a mix of existing and new stock sold to public investors.

It is expected, at 260p each, that the sale of new shares would raise around £31.5 million for the company.

The remainder of IPO proceeds will go to existing shareholders who are reducing their interests through the stock market listing process.

Cornerstone investors Arm Technology Investments and Lansdowne Partners will, meanwhile, back the process to the tune of $35 million and $20 million.

Brokers Peel Hunt and Jefferies are arranging the share sale.

Capturing a successful tech IPO is being seen as a coup for London, which has struggled in recent times to attract big name listings – instead the UK market has seen something of an exodus of companies out of the City onto American and European exchanges, seeking higher valuations.