Raspberry Pi on IPO plans: 'We want to be ready when the markets are ready'
- Reference: 1706623212
- News link: https://www.theregister.co.uk/2024/01/30/raspberry_pi_ipo/
- Source link:
CEO Eben Upton told The Register that the organization was still early in the process: "We want to be ready when the markets are ready.
"The business is in a much better place than it was last time we looked at it. We partly stopped because the markets got bad. And we partly stopped because our business became unpredictable."
[1]
"Unpredictable" is an understatement for many who attempted to acquire certain models of the computer during the [2]supply chain crunches of recent years. "The public markets value predictability as much as they value performance," said Upton.
[3]
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When a listing happens, will things change for the company? Upton hopes not, at least not while he remains at the helm. "We've always tried to run a business that does interesting work and makes money, and I don't think those imperatives are going to change. We will keep doing the same stuff. Certainly while I'm in charge."
The business will be listed in the UK rather than the US. In late 2023, the long anticipated [5]Arm IPO took place on the Nasdaq Global Select Market in New York.
[6]Techie resurrects teletext on a vintage BBC Master
[7]Eben Upton on Sinclair, Acorn, and the Raspberry Pi
[8]Raspberry Pi sizes up HAT+ spec for future hardware add-ons
[9]Raspberry Pi OS goes goth
Upton dismissed the idea of listing in the US: "It's a bit of a meme, this idea that the US is some sort of promised land for businesses, and certainly for tech businesses."
"I think what a lot of it boils down to is some idea of there being a multiples gap, where American companies might trade at 20 times earnings, and British companies trade at ten times earnings.
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"It's a very crude model that somehow gives [the impression] that a given company would do better in America."
The effect evaporates when comparing broadly identical companies, he reckoned.
The valuation on Raspberry Pi Ltd is unclear at present. In late 2021, [11]a figure of £370 million ($468 million) was mooted . In November 2023, [12]Arm took a minority stake in the manufacturer, and the valuation passed the £400 million ($506 million) mark. ®
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[1] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2ZbkrNy7vvyePyvsHIMVTpwAAAdA&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[2] https://www.theregister.com/2022/12/12/100k_raspberry_pis/
[3] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44ZbkrNy7vvyePyvsHIMVTpwAAAdA&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[4] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33ZbkrNy7vvyePyvsHIMVTpwAAAdA&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[5] https://www.theregister.com/2023/09/14/arm_ipo/
[6] https://www.theregister.com/2024/01/30/resurrecting_teletext/
[7] https://www.theregister.com/2024/01/15/eben_upton_on_sinclair_acorn/
[8] https://www.theregister.com/2023/12/11/rpi_hat_plus_m2/
[9] https://www.theregister.com/2023/12/07/raspberry_pi_os_dark_mode/
[10] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44ZbkrNy7vvyePyvsHIMVTpwAAAdA&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[11] https://www.theregister.com/2021/11/29/pi_listing/
[12] https://www.theregister.com/2023/11/03/arm_raspberry_pi/
[13] https://whitepapers.theregister.com/
So long and thanks for all the fish
It's going to suck when Raspberry Pi turns to crap chasing the dollar for shareholders instead of focusing on tech and innovation.
This is about the worst thing that could happen to them.
Where's that article on enshittification again?
Here's hoping the IPO doesn´t ruin the community and support
For all the flak Raspberry Pi has gotten thanks to its relative hardware value and scalping/shortages during the pandemic, I always felt the value was always on the documentation and software support: actual documentation, properly updated, mostly compatible with the parent distro Official OS image, open source hardware/IO access libraries. Bit of a shame about the GPU situation but overall understandable/forgivable. They are by no means perfect (nothing is), and I understand the criticisms about focusing on embedded/industrial clients to the detriment of the thinker community and even the armbian project being pretty salty about no "upstream" Pi support, even if I find them largely overblown.
(Note: Never bought one nor similar products -- my interests starts and mostly ends on spinning-rust NAS oriented boards :) -- but used/fiddled with most full-fat Pi variants at work).
Re: Here's hoping the IPO doesn´t ruin the community and support
"I understand the criticisms about focusing on embedded/industrial clients to the detriment of the thinker community"
Well what we don't see is the complaints from people who wouldn't have been able to purchase whatever devices were built with those industrial pis (or things they then produced)
Re: Here's hoping the IPO doesn´t ruin the community and support
The problem about supplying industrial customers during the supply chain problems was explained and the explanation was totally reasonable.
The whingers generally put their own need to have a tinker toy above the need of companies to stay in business and employ people to pay their bills and eat.
The end of 2023 since Pi 5 launch, the vast majority of production of Pi 5 was reserved for one per person personal purchases and still got instantly sucked into the demand vacuum.
Seventy thousand Pi 5 per week.
Anyway, with all the best intentions, it wouldn't be a surprise to see the end of Raspberry Pi long term if it becomes a traded company. But in the short term the money raised from investment might allow some exciting new versions for a final flurry.
Pi 4 vs 5
Perhaps the user base is splitting as well as expanding? Maybe an IP will cause further splitting, and marginalisation of (the volunteer) support? Pi's up to 5 seem mainly to be used in "projects", dedicated server type systems, and hardware controllers. As a desktop the 4 was "adequate". The 5 seems to be aimed more at desktop users (I have found the performance and functionality quite acceptable, but it needs additional [fan] cooling and the 27W power supply).
Re: Pi 4 vs 5
I think you're right about the user base splitting. The Pi5 is quite a step up, I've not bought one yet as I haven't thought of anything it could be needed for other than as a general purpose desktop and I've a bunch of old laptops for that.
I'm using a 8gig-Pi4 to play about with VMs with the plan to replace a couple of older models doing half a dozen background tasks (DHCP etc). and the VMs are purely because they let me try things without needing to toddle over to the cupboard they're keeping mildly warm.
memberries
Remember when Java was taken over by Oracle and they trashed everything for money? I 'member
And what could possibly go wrong
what could possibly go wrong once you have to keep share holders on side :(
surely the dividends the shareholders get paid would be better used for R&D, educational support etc
Keep the Pi as not for profit as it currently is