Since 72% of RPi’s sales came from the industrial and embedded market, I was looking for more information on what’s really driving this. Some notable examples of OEM customers from the registration document:
Motorola, who market the compute-module-based HALO smart sensor, following their acquisition of our customer IPVideo
Schindler, whose next-generation elevator platform uses a Raspberry Pi compute module to drive the in-car touchscreen display
Sharp/NEC, one of our earliest scaled OEM customers, who support a variety of compute modules as embedded compute options for their digital signage platforms.
The direct-to-OEM channel accounted for 12 per cent. of SBC and compute module unit sales in 2023.
The high performance, low cost, and physical robustness of Raspberry Pi products make them suitable for a wide range of embedded applications, including, among others, electric vehicle charging, elevators, escalators and moving walkways, industrial control and automation, sports performance tracking, digital signage, smart buildings, thin clients, and energy management.
You can see case studies on their website: https://www.raspberrypi.com/success-stories/. A lot of scientific research, digital signage, agriculture, testing and process control.
Another interesting thing is that the float is going to be quite limited. Ownership is very concentrated among just a few strategic shareholders, including Sony, ARM, and two charities (RPi foundation and Ezrah Charitable Trust). ARM are increasing their stake. With the IPO upsized at the top of the range, the cap table should look something like this:
| Name | Stake |
|---|---|
| Raspberry Pi Foundation | 49% |
| Public Float | 23% |
| Employees | 9% |
| ARM | 7% |
| Lansdowne Partners | 6% |
| Ezrah Charitable Trust | 2% |
| Sony | 1% |
| Eben Upton | 1% |
ARM, Lansdowne, Sony and Ezrah all purchased at a $545m valuation. The RPi foundation has also stated it will remain a significant shareholder.