Computing company OVHcloud ready to move on to lower end of IPO price range

Texas News Today

The logo of French cloud computing company OVHcloud is seen in the data center building in Strasbourg, France on October 13, 2021. Reuters / Christian Hartmann

13 October 2021

Richard Ruff and Matthew Roseman

PARIS (Reuters) – French cloud computing service provider OVHCloud’s IPO will move forward at the low end of the range at a price of €18.5 per share, one of its operating banks said on Wednesday. Rice field. About 3.5 billion euros.

A lead underwriter said the IPO (which is likely to be one of France’s biggest initial public offerings this year) has already been oversubscribed, but the book won’t close until Thursday afternoon. ..

According to Synergy Research, on October 5, OVHcloud, a European-based cloud services provider next to Deutsche Telekom’s T-System, set a price range of €18.5-20 per share. This makes the market price 3.50. up to 3.74 billion euros. The company did not immediately receive comment on the possible results.

The company also said that the new shares would raise approximately €350 million and an additional €50 million would be contributed by the sale of existing shares by shareholders, including the Clava family.

Since then, financial market volatility due to inflation and fears of a possible monetary tightening, and troubles with Chinese real estate giant Evergrande have led to uncertainty, and France’s Icade Sainte and Swiss Cronext both scaled back their listing plans. have taken.

Despite market uncertainty and news of a network shutdown on Wednesday, OVHCloud’s IPO is just two days ahead of its scheduled listing on Friday.

Octave Klaba said on Twitter that the outage followed “human error” when reconfiguring one of the US data centers. About an hour later, the network returned to normal at 0815 GMT.

This was OVH Cloud’s second major glitch this year.

In March, company fires destroyed millions of websites, destroyed government portals, banks, shops and news websites, and took away some .FR web space.

Some politicians see OVHcloud as an alternative to US giants Amazon Web Services, Microsoft’s Azure and Google Cloud.

However, the company has so far lacked the scale and financial impact of squeezing the market share of these companies.

($ 1 = 0.8654 euros)

(Reporting by Richard Lough, Matthew Roseman, Matthew Protard, Mark Engrand, written by Matthew Roseman, edited by Ingrid Melander, Geert de Klerk, Jason Neely and Philippe Fletcher)

Computing company OVHcloud ready to move on to lower end of IPO price range

SourceLink Computing company OVHcloud set to move on lower end of IPO price range

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