The IPO of the French cloud computing service provider OVHcloud should be priced at 18.5 euros per share, the low end of the range, one of the banks in charge of the operation said on Wednesday, valuing the company about 3.5 billion euros.
One of the bookkeepers said the IPO – which will likely be one of the biggest IPOs of the year in France – is already oversubscribed, although the books will not be closed until noon Thursday. .
On October 5, OVHcloud – the second largest cloud provider in Europe after Deutsche Telekom’s T-Systems (DTEGn.DE) according to Synergy Research – set a price range of 18.5 euros per share, this which would lead to a market value of 3.50 3.74 billion euros. The company was not immediately available to comment on the likely outcome.
The company had also indicated that the new shares would raise around 350 million euros, while the sale of existing shares by shareholders, including the Klaba family, would represent an additional 50 million euros.
Since then, the volatility of the financial markets due to the fear of inflation and a possible monetary tightening, as well as the difficulties of the Chinese real estate glove Evergrande, have raised uncertainty, and the French Icade Sant and the Swiss Chronext have both abandoned their plans to go public.
OVHcloud’s IPO continues despite market uncertainty and news of a network outage on Wednesday, just two days before the scheduled IPO on Friday.
The chairman of the board, Octave Klaba, said on Twitter that the blackout followed “human error” during the reconfiguration of one of its data centers in the United States. The network returned to normal about an hour later, 8:15 a.m. GMT.
This is the second major disruption for OVHcloud this year.
In March, a fire within the company disrupted millions of websites, shutting down portals for government agencies, banks, stores, news sites and wiping out part of the .FR web space. .
OVHcloud is seen by some politicians as a potential alternative to the American Amazon Web Services, Microsoft Azure, and Google Cloud gloves.
However, the company has not yet reached the scale and financial strength necessary to reduce the market share of these companies.
Sources : Synergy Research Group, OVHCloud
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