French OVHcloud aims to raise $ 470 million when it IPO in Paris

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PARIS: French cloud services company OVHcloud aims to raise 400 million euros ($ 469 million) by selling new shares in an initial public offering (IPO) in Paris, she said announced Monday.

Releasing its registration document for the IPO, the company said it hopes the IPO will accelerate its growth – consolidating its leadership position in Europe while helping it continue its expansion in America. North and Asia.

French politicians have championed OVHcloud as a possible alternative to US cloud service providers, but until now it lacked the scale and financial clout to shrink their market share.

OVHcloud did not provide details on the timing of the IPO, nor on its expected valuation.

The Wall Street Journal reported on Sunday that the deal could value the company at more than $ 4.7 billion.

OVHcloud had announced plans to go public in March, two days before a major fire destroyed one of its data centers in eastern France, resulting in a delay. In June, the company re-engaged in an IPO, but provided no timeline.

It joins a wave of recent announcements of introduction on the French market, in particular Icade Santé, the healthcare real estate business of the French real estate company Icade.

Family-owned OVHcloud added that it is targeting 10-15% revenue growth for 2022 and an organic revenue growth rate in the mid-twenties by 2025.

These targets would be achieved while maintaining an adjusted EBITDA margin (earnings before interest, taxes, depreciation and amortization) in line with that of fiscal 2020, he said.

No dividend payment is expected in the medium term and the cash flow should be reinvested, he added.

Following the IPO, the Klaba family will retain a substantial majority stake in OVHcloud.

Based in Roubaix near Belgium, OVHcloud employs 2,450 people and has more than 30 data centers around the world.


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