Raspberry Pi prepares to boot up a London listing
- Reference: 1715770874
- News link: https://www.theregister.co.uk/2024/05/15/raspberry_pi_perpares_to_boot/
- Source link:
The confirmation came in an Expected Intention To Float [1]announcement on the London Stock Exchange.
While a valuation has not been published, the figure is expected to be north of the half-a-billion-dollar mark. A valuation of £300 million (& ($376 million) was mooted around the time of a [2]previously rumored IPO , and the company has continued to increase revenue and profit in the years since.
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For the year ended December 31, 2023, Raspberry Pi Ltd recorded revenues of $266 million and a gross profit of $66 million. According to the announcement, sales rose by 154 percent between 2021 and 2023, and the company reckons its total addressable market in 2023 was approximately $21.2 billion.
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However, although the PC maker said the enthusiast and education market represented the "heart" of the Raspberry Pi movement, it also admitted the industrial and embedded sector accounted for 72 percent of sales in 2023, while the enthusiast and education sector accounted for 28 percent.
Pi supremo Eben Upton attributed part of the organization's industrial and embedded sector growth to enthusiasts bringing the diminutive computer into the workplace.
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He said: "A remarkable ecosystem of individuals and businesses has grown around Raspberry Pi, supporting both the enthusiast and industrial markets to innovate and succeed with our products.
"We’re now seeing the former feed into the latter, as the first generation who encountered Raspberry Pi as young people take their experience with our technology into their professional careers, and today the industrial and embedded market accounts for 72 percent of units sold."
Upton has been on a long journey to get to this point. In the announcement, he said, "When we released our first product in 2012, our goal was to provide a computer that was affordable enough for young people to own and explore with confidence, giving them the chance to discover computing and get excited about it.
[7]Flexing financial muscles, Arm aims to elbow into Windows PC market
[8]Is the long awaited Raspberry Pi flotation about to happen?
[9]Raspberry Pi Foundation boss waves off listing rumours, says biz discussions may have been 'over-interpreted'
[10]Elite coder readies £15 programming gadget for schools
"Twelve years later, we have sold over 60 million units in over 70 countries around the world."
Upton paid tribute to the Raspberry Pi Foundation, calling the charity - which promotes an interest in computer science among young people - "a patient and supportive shareholder." He said that the Foundation would remain a major shareholder.
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The Register [12]asked Upton earlier this year about what an IPO might mean for the direction of the company. He replied: "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." ®
Get our [13]Tech Resources
[1] https://www.londonstockexchange.com/news-article/market-news/expected-intention-to-float/16470316
[2] https://www.theregister.com/2021/03/15/pi_not_listing/
[3] 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=2ZkTcIvRDlZcGfHvZCouFBQAAAAs&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%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=4&c=44ZkTcIvRDlZcGfHvZCouFBQAAAAs&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[5] 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=33ZkTcIvRDlZcGfHvZCouFBQAAAAs&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[6] 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=44ZkTcIvRDlZcGfHvZCouFBQAAAAs&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[7] https://www.theregister.com/2024/05/09/arm_q4_2024/
[8] https://www.theregister.com/2024/05/13/raspberry_pi_ipo/
[9] https://www.theregister.com/2021/03/15/pi_not_listing/
[10] https://www.theregister.com/2011/05/06/david_braben_raspberry_pi/
[11] 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=33ZkTcIvRDlZcGfHvZCouFBQAAAAs&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[12] https://www.theregister.com/2024/01/30/raspberry_pi_ipo/
[13] https://whitepapers.theregister.com/
IPOs often happen if founders want to cash out but they can't find a private buyer. So typically they'll flog it to asset stripper at a discount and the rest will be picked up by funds and punters.
Then it will float for a bit like a t**d in a river and then it will disintegrate.
As C3 Pi O never said:- ""This isn’t the afterlife, is it? Are enthusiasts allowed here?"
Or perhaps:-
"Goodness! Han Solo! It is I, C-3Pi O! You probably do not recognize me because of the stock exchange listing..."
"We will keep doing the same stuff. Certainly while I'm in charge."
After an IPO, he won't be in charge though.
Re: "We will keep doing the same stuff. Certainly while I'm in charge."
Official confirmation then that if he gets told to stick AI in the Pi by some activist investor who has a huge slice (see what I did) he'll have to do it, or he'll just take the money or run.
Let the great enshittification commence, what a shame.
Avigon Alta, formerly Openpath, formerly part of Motorola, is an access control system that consists of a Raspberry Pi, a small GPIO hat, a USB GPIO / relay board, and cloud software.
Ask me how I know.
Also nComputing used to sell thin-client boxes and then just slapped a RPi 3 in a box with rdesktop as their ENTIRE PRODUCT instead.
Yeah, the Pi does open up all sorts of automation possibilities.
Just the other I was wondering what I would do if the control box for our electric gate opener were to fail (we don't have a big mansion, just something that the previous owner installed for his convenience!). I think a Raspberry Pi with some 24V switching and remote control addons would do the trick which I could now network up to my server to get live video feed, some kind of warning if the gate opens, and a host of other probably more fun than useful things.
The Raspberry Pi really is a cool idea for bringing automation and control to the masses.
But, but, shareholders! That means.... Demands for divvies! Price inflation!!
WHY does (almost) everything good in this world get turned over to bloody shareholders. What's wrong with keeping it private?
What's wrong with keeping it private?
A big payoff for those fortunate to be involved. You know Capitalism.
I still think it's a shame though as I can see it swiftly being bought and taken to Wall Street.
Another British stalwart sold to the highest bidder.
Nothing wrong, but the UK economy is currently hostile towards private business.
There is really no point of running a business anymore, because you work for the tax man who the funnels all the money to big corporations, and no longer for yourself.
I've got a bad feeling about this.