Raspberry Pi's IPO provides shot in the arm for London Stock Exchange: Samantha Cory

Rio Tinto currently has a 59.4 per cent ownership, which will become 73.5 per cent after the completion of both its deals. Set to finalise in the second half of 2024, this consists of the Mitsubishi Corporation stake and the Sumitomo Chemicals stake (2.46 per cent) which was agreed in May.

Shares of the British computing firm Raspberry Pi soared 31 per cent on the first day of its conditional dealing last week. This is when shares are bought before a company’s trading date and it is only open to certain institutions, with the shares being conditional on the company listing, and only settling once they are open to everyone else.

After announcing on May 22 that the company intended to float on the stock exchange, Raspberry Pi confirmed on June 11 that its Initial Public Offering (IPO) would take place on June 14, enabling retail investors access to the company from this date.

Currently, the company implies a market valuation of £540m, with the offer size representing 30 per cent of its ordinary shares. The offering encompasses 45.9m shares at an offer price of 280p per share.

The company is headquartered in Cambridge and engages in the development, manufacturing and marketing of cost-effective computing devices. It was established by CEO Eben Upton in 2012, with the aim of making computing accessible to young people.

So far, the company has seen success, with its revenues in 2023 amounting to US$265.8m, an increase of 41 per cent from the previous year.

This is a positive for the London Stock Exchange since it has recently struggled to attract technology listings, with companies preferring to list in other European countries and the United States. While it is still relatively small compared to its peers Sony and Arm, this new IPO brings hope.

Asda co-owner and co-chief executive Zuber Issa has sold his 22.5 per cent stake in Asda to TDR Capital.

TDR Capital is the supermarket chain’s private equity backer, committed to building strong, sustainable businesses over the long term.

Zuber said that this sale was to help him focus his attention on his other investment, petrol station operator EG Group, and his charity endeavours.

As a result of the sale, which is set to be completed in the third quarter of this year, TDR Capital will become the majority owner, with a 67.5 per cent stake in the business.

Mr Issa’s brother Mohsin plans to keep his 22.5 per cent share in the business and will become the sole CEO of the supermarket.

The remaining 10 per cent of the business is owned by Walmart, which was the previous owner of Asda, before the sale of the supermarket in 2020.

Samantha Cory is part of the investment research team at Redmayne Bentley