Raspberry Pi IPO Preview

• Established in 2012, Raspberry Pi is getting ready to complete its IPO in London soon. Raspberry Pi provides small, single-board computers.

• Raspberry Pi is backed by Sony and ARM Holdings. Nearly 72% of the company's sales come from commercial customers embedding its products into various consumer devices and other systems.

• The company generated sales of US$265.8 million (up 41.5% YoY) and operating profit of US$37.5 million (up 87% YoY) in 2023.

Raspberry Pi is getting ready to complete its IPO in London soon. Raspberry Pi provides small, single-board computers. Established in 2012, Raspberry Pi is backed by Sony Corp (6758 JP) and ARM Holdings (ARM US). Initially, Raspberry Pi was aimed to make computing more accessible to young people.

Since then, the company has become a much larger business with sales of 60 million units in more than 70 countries world-wide. Nearly 72% of the company's sales come from commercial customers embedding its products into various consumer devices and other systems. Raspberry Pi generated strong growth in sales and profits in the past several years.

The value of the Raspberry Pi IPO is estimated to be around £500 million ($630 million) but this is subject to change.

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Rasberry Pi Company Background

Rasberry Pi designs and develops high performance, low cost single board computers (SBCs) and compute modules for industrial IoT customers and embedded uses, as well as for educators and enthusiasts, in markets worldwide. Since the company's inception in 2012, it has sold more than 60 million SBCs and compute modules, of which 7.4 million were sold in 2023.

The company's standard portfolio mainly comprises SBCs, compute modules, complementary accessories, and semiconductors. The company designs and develops SBCs for consumers and commercial users, priced from $4 to $80 depending on computational performance and DRAM density. Its SBCs provide industry-standard interfaces, including USB, Ethernet, HDMI, PCI Express, Wi-Fi and Bluetooth, alongside a custom “general-purpose input/output” (“GPIO”) interface for connecting to the physical world.

The company also designs and develops compute modules (also known as system on modules), which consist of the core electronics of a Raspberry Pi SBC, but in a form factor that can be more easily embedded into our customers’ own product designs, priced from $25 to $95. To complement its SBCs and compute modules, the company also provides a range of Raspberry Pi-branded accessories, including cameras, touchscreen displays, cases, keyboards, audio products, power supplies and cables.

The company's semiconductors currently comprise the RP2040 microcontroller and the RP1 I/O controller chip, which are principally intended for use in its SBCs and compute modules. The company is also designing and developing a more advanced family of microcontrollers, RP235x, which we it expects to launch in the second half of 2024.

One of the key goals of the company is to be the preferred choice for OEMs seeking a compliant base platform for IoT development. In support of this aim, the company has augmented its platform with software solutions to common IoT challenges including security, manageability and maintainability, leveraging security features present in the underlying hardware.

Raspberry Pi's products are suitable for a wide range of embedded applications, including electric vehicle charging, elevators, escalators and moving walkways, industrial control and automation, sports performance tracking, digital signage, smart buildings, thin clients, and energy management.

Source: Company data