© Reuters.
Raspberry Pi Ltd, the UK-based laptop producer, is making ready for an preliminary public providing (IPO) on the London Inventory Alternate, presumably within the second half of 2024, in response to statements made by CEO Eben Upton. This determination comes because of classes realized from Arm’s unsuccessful IPO, and the corporate’s intention to go for higher market situations.
The corporate, co-founded by Upton and the Raspberry Pi Basis in 2008, initially deliberate for an IPO in 2021. Nevertheless, on account of world chip shortages and unfavorable itemizing situations, it was postponed. Regardless of these challenges, Raspberry Pi secured investments from Lansdowne Companions, Ezrah Charitable Belief, and Sony’s semiconductor division, sustaining its valuation at $500 million.
On Sunday, throughout a Cambridge occasion for Raspberry Pi’s resellers, Upton expressed confidence within the firm’s readiness for the IPO. He emphasised his perception in London’s attraction for listings on account of its good cash strategy, distinguishing Raspberry Pi from different UK corporations reminiscent of Arm, CRH (NYSE:), and Flutter which have favored US listings.
Raspberry Pi Ltd is ruled by the Raspberry Pi Basis, an academic charity which will retain shares after the IPO and will doubtlessly obtain future income. The corporate has bought roughly 55 million computer systems to this point and reported revenues of $188 million with an working revenue of $20 million.
Final yr, amid a world chip scarcity, the corporate fell in need of its nine-million-unit demand goal, promoting solely 5 million models. Regardless of this setback, Upton tasks a sale of seven million models this yr. The corporate had beforehand raised $45 million at a $500 million valuation in 2021 and secured an undisclosed sum this yr on the similar valuation.
Whereas the precise timeline of the IPO relies on market situations, Raspberry Pi’s plan to go public represents a major milestone for the corporate and the UK tech sector.
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