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MICROSOFT CORPORATION

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Shares in French tech champion OVHcloud gain 6% in Paris debut

10/15/2021 | 03:52am EST

PARIS, Oct 15 (Reuters) - Shares in French cloud computing company OVHcloud climbed around 6% on their first day of trading on Friday, after a brief wobble, in one of Paris' biggest new listings this year.

The shares were up at around 19.70 euros at 0739 GMT, after dipping just below the offer price in early trading.

OVHcloud had on Thursday set its IPO price at 18.5 euros per share, the low end of its guidance range, implying a market value of around 3.5 billion euros ($4.1 billion).

"It's a great day for French and European tech sovereignty," said French technology minister Cedric O in a launch ceremony. "We want to make champions here."

Some politicians hope that OVHcloud - the biggest European-based cloud services provider - could offer an alternative to U.S. giants Amazon Web Services, Microsoft's Azure and Google Cloud, which dominate the market.

However, the company has so far lacked the scale and financial clout to dent their market shares.

OVHcloud is the second-biggest listing on Euronext Paris this year, following Antin Infrastructure Partners' September debut, which brought it a market value of around 4.1 billion euros.

It joins a long list of European companies going public this year, but a skittish market has seen some faltering starts, with French healthcare property group Icade Santé and Swiss Chronext delaying their debuts.

($1 = 0.8611 euros) (Reporting by Sarah Morland and Gwenaelle Barzic Editing by Richard Lough and Mark Potter)


ę Reuters 2021
Stocks mentioned in the article
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ALPHABET INC. -2.69% 2843.66 Delayed Quote.62.25%
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MICROSOFT CORPORATION -2.44% 329.68 Delayed Quote.48.22%
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Sales 2022 196 B - -
Net income 2022 71 157 M - -
Net cash 2022 83 357 M - -
P/E ratio 2022 34,7x
Yield 2022 0,74%
Capitalization 2 475 B 2 475 B -
EV / Sales 2022 12,2x
EV / Sales 2023 10,6x
Nbr of Employees 181 000
Free-Float 99,9%
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Mean consensus BUY
Number of Analysts 41
Last Close Price 329,68 $
Average target price 364,81 $
Spread / Average Target 10,7%
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Managers and Directors
Satya Nadella Chairman & Chief Executive Officer
Bradford L. Smith President & Chief Legal Officer
Amy E. Hood Chief Financial Officer & Executive Vice President
James Kevin Scott Chief Technology Officer & Executive VP
Matthias Troyer Distinguished Scientist
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