Equities

Raspberry Pi IPO in London, Posts $265.8M Revenue

Raspberry Pi to boost London's IPO scene with a listing, reflecting its global success and educational mission.

By Bill Bullington

5/15, 08:23 EDT
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Key Takeaway

  • Raspberry Pi announces London IPO, signaling confidence in the U.K. market despite recent tech listings favoring New York.
  • With $265.8 million revenue and $43.5 million EBITDA for 2023, Raspberry Pi showcases strong financial health and global impact.
  • The IPO supports Raspberry Pi Foundation's mission to promote computing education worldwide, leveraging commercial success for social good.

Raspberry Pi Eyes London IPO

British computing startup Raspberry Pi announced its intention to list on the London Stock Exchange, marking a significant development for the U.K. stock market. The company, known for its compact single-board computers, is preparing to publish a registration document as part of the IPO process. This move is seen as a boost for London, which has recently struggled to attract high-growth tech companies, with several opting for New York instead. Notably, British chip designer Arm and retail tech firm Ocado have leaned towards U.S. listings, highlighting the competitive landscape for tech IPOs.

Raspberry Pi's decision underscores the company's growth and its commitment to making computing accessible. Founded in 2012 by Eben Upton, Raspberry Pi aimed to introduce young people to computing and has since expanded significantly. With 60 million units sold in over 70 countries, the company has transitioned from a focus on education and hobbyists to serving commercial customers, which now account for 72% of its sales. The IPO represents an opportunity for the Raspberry Pi Foundation, the majority shareholder, to further its mission of promoting computer science education.

Financial Performance and Market Impact

Raspberry Pi reported revenues of $265.8 million for the year ending December 2023, with adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of $43.5 million. These figures reflect the company's robust financial health and its significant impact on the tech and educational sectors. The company's products, which range from basic computing platforms to components for commercial applications, have become integral in various industries. The backing by major entities such as Sony and British chip designer Arm further validates Raspberry Pi's market position and potential for growth.

The IPO is a pivotal moment for the U.K. stock market, offering a homegrown tech success story amidst a trend of British companies seeking listings abroad. Raspberry Pi's choice of London over New York is a vote of confidence in the U.K. as a viable location for tech companies to go public, potentially attracting more tech IPOs in the future.

Global Reach and Educational Mission

Raspberry Pi's global sales underscore its widespread appeal and the versatility of its products. The company's commitment to education remains central, with the Raspberry Pi Foundation leveraging proceeds from the business to support computing and digital making projects for young people worldwide. This dual focus on commercial success and educational impact highlights Raspberry Pi's unique position in the tech industry.

The company's products have been used in a wide array of projects, from educational tools in classrooms to innovative applications like high-altitude balloons and radio-controlled submarines. This versatility has not only fueled Raspberry Pi's commercial success but also inspired a new generation of tech enthusiasts and professionals.

Management Quotes

  • Eben Upton, CEO and founder of Raspberry Pi:

    "The IPO serves as an opportunity for the Raspberry Pi Foundation, the firm’s majority shareholder and a charity promoting the study of computer science, to double down on its outstanding work to enable young people to realise their potential through the power of computing."