French cloud computing services company OVHcloud is expected to release its plan to list on the Euronext Paris stock exchange shortly, sources close to the issue revealed. According to industry analysts, OVHcloud could be expected to reveal an initial public offering (IPO) that values the company at several billion euros, potentially making it one of the biggest French IPOs this year.
Founded in 1999, OVHcloud finds itself competing directly with major American tech firms such as Amazon Web Services, Microsoft’s Azure, and Google Cloud. While it may not be a frontrunner in the global market, the French company is the largest hosting provider in Europe.
Since 2016, OVHcloud has owned the world’s physically largest data center in terms of surface area. In March, the company suffered a major blow when one of its data centers in Strasbourg was destroyed by a fire. As a result, millions of websites and government agency portals were disrupted. However, this move will see them bouncing back strongly and proudly.
Currently, the company, based in Roubaix near Belgium, employs over 2,450 people and has 32 data centers spread across the globe. The company was able to generate 600 million euros ($726 million) in sales in 2019.
