OVH Group: OVHcloud plans to raise €400 million ($469m) in new IPO

Sep 22, 2021 | Posted by Abdul-Rahman Oladimeji

According to the Wall Street Journal, French data center and cloud services provider OVHcloud plans to raise €400 million ($469m) in an IPO in Paris, France. According to the reports from WSJ, the listing could see the Company’s value rise to over $4.7 billion. OVHcloud was founded in 1999 as OVH and has sold itself as a European substitute to Chinese and US hyperscale giants like Alibaba, Google, Amazon, and Microsoft.

Earlier in March, OVHcloud started the IPO process a few days before the process was halted by a fire that destroyed its SBG2 facility in Strasbourg. The Company also tried to recover customer data and serves at the site, but some could not be retrieved. OVHcloud has promised to make a fire safety laboratory available at its facilities. Besides, the final report of the cause of the disastrous fire will not be published until 2022, after the completion of the IPO. However, the Company says the delay is caused by the involvement of insurers, the French government, and other authorities.