European cloud provider OVHcloud made its Euronext Paris debut on the 15th of October. The company’s price was €18.50 per share before the debut, raising approximately €400 million. The company managed to make a strong debut and a few days after the IPO, the price for its shares went up to €22.00 on Tuesday. With the IPO, the company is currently valued at around €3.5 billion.
Strong demand from investors
In the IPO announcement, the company stated that the success of the IPO reflects strong demand from leading French and international institutional investors and French retail investors. The company also stated that the end of the stabilization period and the deadline for exercising the over-allotment option is set for the 13th of November.
At the IPO, 21,621,621 shares have been issued, 3,600,000 of which were allocated in the French Public Offering and 18,021,621 shares in the International Offering, representing approximately 83% of the initial size. With the over-allotment option, underwriters may purchase a maximum of 3,243,244 additional existing shares from KKR and TowerBrook Capital Partners.
— OVHcloud (@OVHcloud) October 15, 2021
OVHcloud’s IPO was announced after a rough year for the company. In March, a major fire destroyed the company’s Strasbourg data centers. Shortly before the IPO, the company experienced a significant network outage caused by a wrong configuration of the router. In the IPO announcement, Michel Paulin, CEO of OVHcloud, said,
“The successful IPO of OVHcloud kicks off a new phase of development for our company. This operation provides us with additional resources to accelerate our growth and strengthen our position as a European champion and pure player in the cloud, while supporting our international expansion and by reinforcing the relationships of trust that we maintain with our stakeholders.
This significant step is the consistent follow-up of more than 20 years of virtuous and sustainable growth, made possible by the visionary leadership of Octave Klaba, the talent of our more than 2,400 employees and the combined strengths of our entire ecosystem.
The great success of the offer among individual investors and the strong participation of OVHcloud’s employees in the concurrent offer reserved for them demonstrate their confidence in the development of the Group that we are building every day with our ecosystem of customers and partners. We look forward to writing this new chapter in the history of OVHcloud with them, as well as with the many institutional investors who are joining us today alongside KKR and TowerBrook, and to further propel our open, trusted and sustainable Cloud.”