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OVHcloud aims to raise EUR 400m through IPO

OVHcloud aims to raise EUR 400m through IPO

Mubasher: France’s OVHcloud plans to raise EUR 400 million ($469 million) by selling new shares in an initial public offering (IPO) in Paris.

The cloud computing services firm hoped the flotation could accelerate its growth, with a goal to consolidate the company’s position in Europe while expanding in North America and Asia, Reuters reported on Monday.

The timing of the IPO and its expected valuation were not yet disclosed. Meanwhile, media portals recently said the transaction could value the company at over $4.7 billion.

OVHcloud is forecast to be a possible alternative to US cloud services providers.

The French company intends to generate a revenue growth between 10% and 15% for 2022, while targeting organic revenue growth rate in the mid-twenties by 2025.