I agree with the split, but money talks and the institutions had to be fully on board for this to float at all.
There is nothing stopping PIs buying the stock now (apart from the small risk of RPI pulling the IPO before Friday and the premium to IPO listing price!) |
Still nothing updated from AJ Bell.
Poor show. |
Not many shares issued to private investors, the institutions have them |
Don't see anything allocated in II or AJ Bell. |
WsM812 snap received the same 365 with HL, i put a order in of 7k worth of shares |
@Jurgen HL
@Pete many thanks - 365 shares is what I was allotted. |
And from the North Somerset Times...
UK budget computer firm Raspberry Pi’s shares soared as much as 40% on Tuesday morning after its initial public offering (IPO).
Raspberry Pi’s shares hit 392p in early trading, above its IPO price of 280p, which was announced before markets opened.
The IPO terms suggested a valuation of £541.6 million, the company said in a stock market update. Raspberry Pi said the listing would raise £166 million.
Shares began trading in “conditional dealing”, where institutional investors and those on the London Stock Exchange on June 11, with a full open trade due to begin on Friday. |
Raspberry Pi jumps on its first day of trading, the stock climbed by as much as 36%.
Raspberry Pi shares soared on the microcomputer maker’s first day as a public company, providing a boost to London’s market for new stock listings.
Opening at 360 pence per share, well above the initial public offering (IPO) price of 280 pence, the stock climbed by as much as 36%.
The company, known for its low-cost computers popular among amateur coders and educators, achieved a market capitalization of approximately £542 million after pricing the IPO at the top end of its range.
This modest deal is viewed as a positive sign for London, which has lagged in this year’s resurgence of listings in Europe. |
Allocations were capped at 365 shares per applicant (£1,022), applications below this amount have been allocated in full (rounded down to the nearest whole share), orders above this amount were scaled back to 365 shares. |
WsM812,
who did you apply through ? |
I received roughly 1/3 of my request - does this mean it was 3x over-subscribed? |
Super happy for the placement so far and thank you for the BB StrollingMolby |
 Raspberry Pi Holdings plc
Announcement of Offer Price of
280 pence per share
Following the confirmation of intention to float announcement on 22 May 2024, Raspberry Pi today announces the successful pricing of its initial public offering (the "IPO") at 280 pence per Ordinary Share (the "Offer Price"). Based on the Offer Price, Raspberry Pi's market capitalisation will be approximately £541.6 million at the commencement of conditional dealings on the Main Market of the London Stock Exchange.
Eben Upton, CEO of Raspberry Pi, commented:
"The quality of the interactions during the marketing process has underlined our belief that London has the right calibre and sophistication of investor to support growing, ambitious technology businesses such as Raspberry Pi. The reaction that we have received is a reflection of the world-class team that we have assembled and the strength of the loyal community with whom we have grown.
"Welcoming new shareholders alongside our existing ones brings with it a great responsibility, and one that we accept willingly, as we continue on our mission to make high-performance, low-cost computing accessible to everyone."
Offer Highlights
The Offer Price has been set at 280 pence per Ordinary Share, equating to a market capitalisation of approximately £541.6 million at the commencement of conditional dealings.
The Global Offer comprises: 45,935,065 Ordinary Shares being sold by the Company's existing majority shareholder, Raspberry Pi Mid Co Limited, a wholly owned subsidiary of the Raspberry Pi Foundation (the "Principal Shareholder"); 2,125,115 Ordinary Shares sold by certain other shareholders in the Company; and 11,228,572 Ordinary Shares being issued by the Company to raise approximately £31.4 million (c. $40 million).
This equates to a total offer size of £166.0 million (c. $211.2 million) and represents c. 30.7 per cent of the Company's Ordinary Shares on Admission.
The Global Offer was made to intermediaries using the Peel Hunt REX portal for distribution to retail investors in the United Kingdom (the "REX Intermediaries Offer"). Of the 59,288,752 Ordinary Shares being sold in the Global Offer, 2,421,921 were issued to intermediaries via the REX Intermediaries Offer at the Offer Price, raising approximately £6.8 million.
On Admission, the Company's issued share capital will be 193,415,715 Ordinary Shares. A further 4,593,506 Ordinary Shares in the Company are being made available by the Principal Shareholder pursuant to the Over-allotment Option (as defined in the Prospectus).
Assuming that the Over-allotment Option is exercised in full, the final offer size will be £178.9 million (c. $227.6 million), representing approximately 33.0 per cent of the Company's Ordinary Shares.
In connection with the Global Offer, each of the Company, its directors and the Principal Shareholder have agreed to customary lock-up arrangements restricting the disposal of Ordinary Shares after Admission for a period of 180, 365 and 360 days respectively.
Admission and Dealings
Commencement of conditional dealings in the Ordinary Shares are expected to take place on the London Stock Exchange at 8:00 a.m. (London time) on 11 June 2024 under the ticker "RPI" (ISIN: GB00BS3DYQ52). Investors should note that only those who applied for and were allocated Ordinary Shares in the Global Offer will be able to deal in the Shares on a conditional basis.
Admission to the premium listing segment of the Official List of the FCA and to trading on the Main Market for listed securities of the London Stock Exchange, and the commencement of unconditional dealings is expected to take place at 8.00 a.m. (London time) on 14 June 2024.
Full details of the Global Offer will be included in the Prospectus, which is expected to be published later today and will be available on the Company's website at hxxps://investors.raspberrypi.com/ipo, subject to certain restrictions. |
I'm in for a few, Oversubscribed, UK home grown technology.
Been using a Raspberry Pi 4 as a desktop for a few years, even got a free one stuck on the front of a magazine :-) |
Roll on tomorrow morning, see how we did allocation wise and what happens to the grey market price.
Then it's either rejoice with a slap up tea at Mrs Miggin's Pie Shop, or cry into your cornflakes... |
Timetable
Applications closed: 9am Monday 10 June 2024
Allocations announced: Tuesday 11 June 2024
Trading starts: Conditional dealing - 8am Tuesday 11 June 2024
Unconditional dealing - 8am Friday 14 June 2024
H L website |
Sorry , you mis-interpreted my message. I wasn't making a comment on this IPO just in general IPOs are pulled if the cover is 1* (or lower) and generally only go well if >2*. My experience is 30 years running a hedge fund and occasionally being screwed by brokers "congrats you got a full allocation" which is code for "demand was low". The best IPOs were those where I got a limited or no allocation as the brokers (Goldmans the worst) favour their big clients. |
"Closer to a 1 and it's pulled." Absolute nonsense. That's what underwriters are for.
And you've just seen a comment saying over subscribed multiple times, so why even post that.
From Bloomberg:
PC Maker Raspberry Pi Seen Pricing London IPO at Top End of Range
Small deal is boost for London as Europe’s market sees revival
Raspberry Pi’s IPO is oversubscribed by multiple times
7 June 2024 at 07:46 BST
British personal computer maker Raspberry Pi expects to price its London initial public offering at the top end of its range, according to terms seen by Bloomberg.
At the likely price of £2.80 per share, the company will raise approximately £179 million ($229 million) from the IPO, the terms showed. The deal was already oversubscribed by multiple times on long-only demand and cornerstone investor commitments. |
If it's not oversubscribed that is a big negative. In my professional experience, anything below approx 2* isn't a good sign, closer to 1 and it's pulled. |
I'm not surprised that it's likely to be oversubscribed, and it will be interesting if /how they look after allocations to smaller (and probably more genuine) investors over financial institutions. |
"The Raspberry Pi IPO could see the company given a market capitalization of £540 million ($686 million) amid speculation that shares may be priced around £2.80 ($3.56).
According to reports, the IPO is set to raise £179 million ($228 million) from the IPO, which will give the company a valuation of circa £540 million ($686 million). The pricing would be would be at the top end of its range, according to terms seen by Bloomberg.
Reports have also noted that the deal is oversubscribed "by multiple times."
Trading is expected to start on June 14." |
Nothing new in Lex column tbh. Best spend a bit of time reading the prospectus as this gives a good insight into how the business model has changed in the last 2 years and what key drivers are. |
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