OVHcloud Paris listing values firm at $4.1 billion

15 October 2021 | Melanie Mingas

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OVHcloud has formally listed its business on the Paris stock exchange, confirming an enterprise value of $4.1 billion (€3.5 billion).

The share price was set at €18.50 on Thursday and trading commenced Friday morning, with a 6% gain in the first few hours.

It is the second largest Paris listing of this year after Antin Infrastructure Partners' listed in September.

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

OVHcloud operates a global backbone reaching all continents and is the biggest European-based cloud services provider – a feat which gives the European market an alternative to the US tech giants.

However, the IPO rounded off a turbulent week for OVHcloud. On 13 October the firm issued an apology to customers after work to reinforce its anti-DDoS protections caused an hour-long outage.

The incident occurred just after 9am CET and was put down to human error by chairman Octave Klaba

The official explanation was that during the outage, "the full Internet routing table was being announced in the OVHcloud IGP. The massive influx of routing information on the IGP led some routers to misbehave; OSPF table got full, overloading RAM and CPU. The impact was the IPv4 routing only and all IPv6 traffic were accessible".

Its newer routers started to use D2 VIN as the default gateway for all the internet traffic, hence causing the traffic to flow to the US. This led to an inability to process the traffic properly for IPv4 on all sites.

OVHcloud said at the time: "We carried out interventions on a router in our Vint Hill datacenter in the United States, which led to disturbances on our entire network. These interventions were aimed at reinforcing our anti-DDoS protections, attacks that have been particularly intense over the course of recent weeks."

It continued: "We sincerely apologise to all our customers affected by this incident and we commit to be as transparent as possible about the causes and consequences of this incident."