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Raspberry Pi Foundation agrees to sell 10.9 million shares
(Sharecast News) - Raspberry Pi announced on Thursday that the Raspberry Pi Foundation had agreed to sell 10.9 million existing shares at 550p each, raising gross proceeds of about £60m through a placing to strategic and institutional investors and a separate retail offer. The FTSE 250 microcomputing giant said the sale shares represented around 5.6% of Raspberry Pi's issued share capital.
It said it was not a party to the placing or retail offer and would not receive any of the proceeds.
Following completion, the foundation would retain 79.4 million shares, equivalent to about 41% of the company's outstanding share capital.
Those remaining shares would be subject to a 365-day lock-up, subject to customary exceptions.
Raspberry Pi also said Arm Technology Investments 2, an existing strategic shareholder, invested about £50m in the placing.
Settlement and closing of both the placing and retail offer were expected on a T+2 basis on 27 April.
Jefferies International and Peel Hunt acted as joint global coordinators and joint bookrunners on the transaction.
At 1137 BST, shares in Raspberry Pi Holdings were down 0.17% at 601p.
Reporting by Josh White for Sharecast.com.
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