Raspberry Pi Eyes London Stock Exchange Debut with $630 Million Valuation

Single-board computer manufacturer Raspberry Pi has filed registration documents with the London Stock Exchange, with Raspberry Pi Ltd. (controlled by the Raspberry Pi Foundation) being the entity to go public. This move aims to elevate the company's valuation to $630 million.

It seems only natural for a British company like Raspberry Pi to seek listing on the London Stock Exchange. Post-Brexit, the UK is keen to showcase its prowess in technology. Whether it's Arm Holdings going public or now Raspberry Pi, these developments are seen as positive news for the UK. (Interestingly, Arm Holdings has previously invested in Raspberry Pi.)

The registration documents reveal:

• Raspberry Pi sold a total of 7.4 million devices or modules in 2023, with cumulative sales exceeding 60 million units since its inception in 2012.
• The company estimates the total potential market for single-board computers globally at approximately $21.2 billion, which could support Raspberry Pi's continued high growth.
• Raspberry Pi products are primarily sold in three markets: industrial and embedded markets account for 72%, while the hobbyist and education markets together make up the remaining 28%.
• Raspberry Pi products are sold in over 70 countries or regions, involving more than 100 authorized distributors and over 500 OEM sellers.
• Raspberry Pi Ltd. is a subsidiary of the Raspberry Pi Foundation, a charitable organization aimed at boosting young people's interest in computer science.
• Since 2013, Raspberry Pi Ltd. has allocated $50 million in dividends to the Raspberry Pi Foundation to further its educational mission.
• As of December 31, 2023, Raspberry Pi's annual revenue was 265.8 million, with a gross profit 66 million and an operating profit of $37.5 million.

In the registration documents, Raspberry Pi's CEO, Eben Upton, stated:

"When we launched our first product in 2012, our goal was to provide an affordable computer that would enable young people to own and explore with confidence, giving them the opportunity to discover computing and maintain an interest in it.

However, from the beginning, we found that our customers were using our products across a wide range of markets and applying them in various fields. When we realized that affordable technology could have a meaningful potential impact beyond just education, our ambitions grew significantly.

Today, Raspberry Pi has cultivated an outstanding ecosystem. Enthusiasts and the industrial market innovate with our products. The young people who were among the first to engage with Raspberry Pi have integrated our technology into their professional careers — now, the industrial and embedded devices market accounts for 72% of our sales.

This IPO presents new opportunities for the Raspberry Pi Foundation, a patient and supportive shareholder, allowing young people to unleash their potential through the power of computing. We are immensely grateful for their support and pleased that the Raspberry Pi Foundation will remain a major shareholder.

In an increasingly connected world, the market for Raspberry Pi's high-performance, low-cost computing platform continues to expand. We have a technology roadmap that positions us to play a significant role, and we are excited to enter the next phase of our development."