(Bloomberg) -- Raspberry PI Holdings Plc shares rallied after reporting a jump in sales, cementing the computer maker’s status as the only winner from a recent wave of listings on the London Stock Exchange.
Shares of the Cambridge, England-based company rose as much as 9.5% on Tuesday after it reported a 61% jump in first-half revenue to $144.0 million. Its stock price has risen by about 36% since its initial public offering in June, which was viewed as a win for the London capital market.
Of the roughly two dozen companies that raised at least $100 million in a London IPO over the past three years and are still trading, Raspberry PI is the only one whose stock has risen from the offering price, according to data compiled by Bloomberg. Companies in the red include Cab Payments Holdings Ltd. which has slumped 70%, and Ithaca Energy Plc, which has dropped 58%.
Raspberry PI gained 9.0% to 379.60 pence as of 1:50 p.m. in London. While that’s well above the 280-pence IPO price, it’s significantly below Raspberry PI’s intraday high of 500 pence a few days after it started trading on June 11.
Some of the other recent debutants saw gains during their first three months of trading, before the rallies faded. However, none of the three-month gains were as big as Raspberry PI’s.
Raspberry PI’s IPO, while relatively small, gave a boost to the UK capital market after several other companies opted for New York listings in search of higher valuations and a more-accommodating executive pay environment. The biggest blow came last year when ARM Holdings Plc — a Raspberry PI investor — chose to go public in New York.
--With assistance from David Goodman and Henry Ren.
©2024 Bloomberg L.P.
