Raspberry Pi shares traded at 360 pence each at the open, well above its initial public offering price of 280 pence. The stock gained as much as 36% from the IPO price.

The company, which makes low-cost computers popular among hobbyists and educators, had a market capitalisation of about £542 million (US$689 million) after pricing the IPO at the top end of its range.

The small deal has been seen as a boost for London, which has fallen behind in this year’s IPO revival in Europe, and offers a ray of hope for tech listings in the financial hub. The IPO is set to be the biggest in the city since Kazakhstan’s Air Astana JSC listed its global depositary receipts in February.

Raspberry Pi was previously reported to be considering a listing in early 2022. Since then, it raised money from British chipmaker Arm Holdings Plc and Sony Group Corp’s semiconductor division.