Cambridge-based computer firm Raspberry Pi, known for its affordable single-board computers, is valued at £540mn ahead of its planned listing on the London Stock Exchange. The valuation is based on the company's latest funding round in which it raised £38mn. Raspberry Pi's products are widely used in education, hobbyist projects, and industrial applications. The company, founded in 2008, has sold over 60 million of its credit card-sized computers and reported revenues of $265.8 million in 2023. Raspberry Pi expects to receive approval for listing from the London Stock Exchange, which will provide it with additional capital for expansion and development [9bd1b409].
Chipmaking startup Cerebras Systems Inc. has selected Citigroup Inc. as the lead bank for its upcoming IPO. The company, which raised $250 million in a series F financing round in 2021, is targeting a valuation above $4 billion in the IPO. Cerebras Systems is one of several tech companies looking to go public in the coming months, following the success of recent tech IPOs by Reddit Inc. and Astera Labs Inc. [3fc0fda3].
Digital marketing company Ibotta, backed by Walmart, is also preparing for an IPO. Ibotta aims to raise $577.3 million with a valuation of around $2.7 billion. The company plans to offer 6.56 million shares of its Class A common stock at $88 per share. Ibotta, incorporated in 2011, will trade on the New York Stock Exchange under the ticker symbol 'IBTA' [e551ca7f].
OneStream, a cloud-based enterprise finance platform based in Michigan, plans to raise $465.5 million in an initial public offering (IPO). The company provides solutions for finance chiefs in various industries and offers services in financial planning and accounting. OneStream's IPO is expected to include 24.5 million shares priced between $17 and $19 each. The IPO is happening during a period of recovery for the IPO market in the United States, with IPOs raising over $21 billion in the first six months of the year. Other companies, such as Acorns and Trustly, are also considering going public in the future [c06f1566].
Santander-owned payments FinTech Ebury is reportedly planning a $2.5 billion IPO in the UK, working with investment bankers from Goldman Sachs. Ebury's choice to go public in the UK is seen as a rare vote of confidence for the London Stock Exchange amid a listing drought. Last year's listing of rival FinTech CAB Payments, whose shares fell more than 70% after its IPO, is mentioned as a cautionary example. Other FinTechs like Klarna are choosing to list in New York. Ebury offers cross-border payment, payroll transfers, currency risk management, and business lending services. Founded in 2009, Ebury expanded its global footprint in 2022 with the purchase of Brazilian FinTech Bex [987c4408].
A confidential assessment by the Office of the Comptroller of the Currency (OCC) has found that 11 out of 22 large banks in the US are unprepared for operational risks, including cyberattacks and employee mistakes. The OCC rated these banks at three or lower on a five-point management scale, indicating concerns about banking risks. The OCC's assessment is part of the CAMELS rating, which measures capital adequacy, asset quality, management, earnings, liquidity, and sensitivity to market risk. The report comes amid heightened concern over cybersecurity and recent high-profile IT outages [e4046e5d].