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Cloud-Storage Firm OVH Aims for $469 Million in Paris IPO (1)

Sept. 20, 2021, 7:24 AM

OVH Groupe SASkicked off an initial public offering in Paris, looking to raise as much as 400 million euros ($469 million) that will give the cloud-storage provider funding to finance its competition with Amazon.com Inc. and accelerate its international expansion.

Existing holders will also sell shares in the IPO, the company said in a statement Monday. OVHcloud was valued at more than $1 billion in 2016, when KKR & Co. and TowerBrook Capital Partners took a combined 20% stake in the business.

OVH Groupe leases out storage and processing power to customers such as tiremaker Michelin and the French ...