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April 21, 2022 03:00 pm

Canonical Now Hopes To IPO in 2023

An anonymous reader shares a report: The saga of Ubuntu-maker Canonical's IPO efforts now stretches back quite a few years. I think the first time I talked to the company's founder Mark Shuttleworth about going public was in 2018, though there had already been some chatter about it in previous years. But the timing never quite worked out for Canonical. In a press briefing ahead of today's launch of Ubuntu 22.04 LTS, Shuttleworth noted he now expects it to go public next year. "We are on track to float the business. And now I'm pretty confident that we will do that in 2023," said Shuttleworth, who was calling in from an undisclosed island off the coast of West Africa. "And so we're taking active steps at the board level and in our finance operation -- various other parts of the business -- to be prepared for that. We're now effectively on a very clear program to a flotation of the business next year." He stressed that Canonical is not in a situation where it has to raise outside money and that going public for him is not about fundraising. He noted that Canonical's revenue last year was $175 million and that the company's biggest challenge right now is that demand is bigger that the company's ability to service it, in large part because there isn't enough talent on the market for the company to hire.

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