UPDATE 1-French tech company OVHcloud sets IPO price range at 18.50-20 euros

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* Expected to raise 350 million euros by issuing new shares

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* In addition, 50 million will be raised from the sale of existing shares

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*Formal stock market launch later in October (adds details and background)

PARIS, Oct 5 (Businesshala) – French cloud computing services company OVHCloud, championed by its country’s politicians, set an 18.50-20 euro price range for its stock market floatation in the latest high-profile stock market listing for Paris Is.

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French politicians see OVH Cloud as a potential alternative to US cloud service providers, but they have so far lacked the scale and financial strength to break into their market share.

OVHcloud said 350 million euros ($406 million) should be raised by issuing new shares in the IPO (initial public offering). The sale of existing shares by other shareholders, such as the Klaba family, which helped set up the company, should raise a further 50 million euros.

OVHcloud said that early trading on the Paris stock market was expected to begin on 15 October, with the formal stock market opening later on 19 October.

French President Emmanuel Macron has been keen to boost the country’s tech industry, and the Paris stock exchange has seen an uptick in the technology sector over the past year, with the listing of French cybersecurity company Exclusive Networks on the market.

Michelle Palin, CEO of OVHcloud, said, “Over the past few weeks, we have begun to engage with investors who have seen why OVHcloud is uniquely positioned to capture the exponential growth in the global cloud and the growing demand for data sovereignty. Is.”

“The planned transaction is intended to provide us with the tools we need to consolidate our position as the leading Pure Play European cloud champions while advancing our ambitious strategic roadmap,” he added.

$1 = 0.8625 Euro Reporting by Matthew Roseman and Pavel Goraj; Editing by Sudeep Kar-Gupta

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