Raspberry Pi shares are very much in demand

Raspberry Pi (LSE:RPI) shares were in high demand on Tuesday, as it rose some 37% on its first day of conditional dealing – after London’s new IPO priced at the upper end of its pricing range.

By the close of Tuesday, the London Stock Exchange entrant was priced at 385.05p.

Originally priced at 280p in the IPO, the share traded as high as 392p.

Conditional dealing is a precursor to the official start of trading on Friday, when retail investors will be able to get hands on the British home-brew PC firm.

The IPO saw a £166 million share offer, largely comprising existing shares held by early-stage investors – though the company did sell a smaller portion of new equity, to raise £31.4 million of new capital.

The IPO is being 'cornerstoned' by Lansdown Partners and Arm Technology Investments (whose parent company, the British semiconductor giant Arm Holdings PLC, provides Raspberry Pi’s processing units).

Raspberry Pi’s listing is seen as a boon for the London Stock Exchange, and the UK’s tech sector.