OVHcloud plans an IPO that could value it at 4 billion euros

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France-based cloud computing services provider OVHcloud plans a possible IPO this week that could value it at more than 4 billion euros. The news comes from a report by the Wall Street Journal on Sunday, citing people familiar with the matter.

The cloud-service provider said that it would not make any final decision about the IPO, targeted price and valuation, until it finishes determining investor interest, according to the WSJ. The company expects to list its shares in Paris if the IPO goes according to plan. The family-owned company decided in June to re-commit to an IPO on Euronext’s Paris stock exchange.

What the plan is

However, the company did not offer details, at the time, regarding when it would go public. Today, more details came out, showing the company’s intention to take this all the way. OVHcloud has not yet responded to requests for comment.

The company hopes to raise 400 million euros by selling new shares in Paris. In released IPO registration documents, the company said it hopes the floatation will accelerate growth, consolidating its position as a European leader, while planning expansion in Asia and North America.

What delayed the IPO?

France’s politicians have championed the cloud provider as an alternative to US cloud service providers but has so far lacked the scale and financial capabilities to serve itself a bigger slice of the market share.

After the company announced IPO plans in March, it was two days before a major fire razed one of its data centres in eastern France that delayed the IPO.

After the IPO, the Klaba family, which owns the company, will have a substantial majority stake in the company. The establishment is based in Roubaix near Belgium, employs 2,450 people, with more than 30 data centres worldwide.