Raspberry Pi has set a price for its IPO which will value the company at about £542 million.

In pre-offer ‘conditional dealing’ for institutions the price per share rose by a third over the offer price to 380p.

Open trading starts on Friday.

Raspberry Pi 5 AI kit

The offer, worth £166 million represents about 30.7% of the company’s  shares and will raise about  £31.4 million.

“We did take a look at New York but we realised that, for a company of our scale, the London market is probably a better home,”  said Raspberry Pi CEO Eben Upton “many of the stories that people tell about the differences between the US and the UK — particularly this sort of magical multiple arbitrage — don’t seem to be real.”

The Raspberry Pi Foundation held about 73%  of  the shares of  Raspberry Pi before the IPO.

Last year Raspberry Pi  had revenues of $265.8 million for a profit of $38.2 million.