OVHcloud set for billion-dollar IPO

Date:
Mon, 20 Sep 2021 12:44:15 +0000

Description:
The company aims to raise at least $469 million

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OVHcloud has confirmed it plans to launch an Initial Public Offering (IPO) as the company continues plans for global expansion.

Reports said the France-based cloud computing service provider was planning
on raising at least $469 million, and use the money to cement its leadership position not just in Europe, but also to help it expand further into North America and Asia.

While OVHcloud did not provide the details regarding the timing of the IPO, nor its valuation, the Wall Street Journal reported that the move could value the company at more than $4.7 billion. Heres our list of the best cloud storage services right now Weve built a list of the best cloud hosting services on the market Check out our list of the best cloud backups available

Commenting on the speculation regarding valuation, the companys CEO Michel Paulin said it was much too early to talk about any figures, Reuters
reported.

The Wall Street Journal also said the company would not make any final decision about proceeding with the offering and targeted price and valuation until it finishes determining investor interest. Fire problems

OVH's plans to run an IPO were first announced in March this year, but days later, a huge fire destroyed one of its data centers , postponing the plans indefinitely. Then, in June this year, the company confirmed it planned on proceeding with the IPO, but gave no deadlines or timetables.

The company was founded in 1999 by the Klaba family and is headquartered in Roubaix, France. As of 2016, the company allegedly owned the worlds largest data center in surface area, while since 2019, it multiple media outlets described it as the largest hosting provider in Europe, and the third-largest in the world based on physical servers.

The company hopes to grow its revenue anywhere between 10 and 15% for 2022, and expects organic revenue growth by 2025. Heres our rundown of the best cloud storage management services out there

Via: The Wall Street Journal



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Link to news story: https://www.techradar.com/news/ovhcloud-set-for-billion-dollar-ipo/


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