diff --git a/skops/__init__.py b/skops/__init__.py
index a343cea6..b7315b35 100644
--- a/skops/__init__.py
+++ b/skops/__init__.py
@@ -16,7 +16,7 @@
 # Dev branch marker is: 'X.Y.dev' or 'X.Y.devN' where N is an integer.
 # 'X.Y.dev0' is the canonical version of 'X.Y.dev'
 #
-__version__ = "0.3.dev0"
+__version__ = "0.5.0"
 
 try:
     # This variable is injected in the __builtins__ by the build