OVHcloud begins journey to go public with potential IPO

French cloud computing and web hosting company OVHcloud has chosen to list the company on Euronext’s Paris stock exchange, according to Reuters.

Founded in 1999 by Octave Klaba, the company has remained a private company throughout the years.

An earlier report by JDD unveiled that once the Initial Public Offering (IPO) is announced, OVHcloud could be valued at several billion euros.

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TechRadar Pro reached out to OVHcloud to confirm the news, but the cloud company is yet to respond.

In terms of market capitalization, OVHcloud could sit anywhere near GoDaddy, who were valued at around $4.5 billion and 1&1 Ionos, who were valued at $8 billion.

OVHcloud goes public

In September 2020, OVHcloud’s IPO was revealed with the company planning to make an official announcement at the start of 2021.

However, the company faced a setback when a fire broke out at its Strasbourg data centre campus in March 2021.

In the same month, OVHcloud had picked three banks to manage its flotation on the French stock market, according to reports.

OVHcloud has not provided the names of its advisers for the IPO, nor have they disclosed official financial figures.

A source told Reuters that Klaba and his family would retain a majority of the company's shares.

Elsewhere, in April this year, OVHcloud announced the availability of two new ranges of bare metal servers.

Designed in partnership with multiple hardware manufacturers, OVHcloud Scale and High-Grade servers offer hosting solutions with the ability to automate and scale resource allocation to meet the demands of complex and resource-intensive tasks.