Computing firm OVHcloud IPO set to go ahead at low end of price range

October 13, 2021 1:51 PM EDT

The logo of French cloud computing company OVHcloud is seen on a data-center building in Strasbourg, France, October 13, 2021. REUTERS/Christian Hartmann/Files

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PARIS (Reuters) - French cloud computing services provider OVHcloud's IPO is set to move ahead at a price of 18.5 euros per share, at the low end of the range, one of the banks in charge of the operation said on Wednesday, valuing the firm at about 3.5 billion euros.

One of the bookrunners said the offer is already oversubscribed although the books will not close until Thursday midday.

On Oct. 5, OVHcloud - the second-biggest European-based cloud services provider after Deutsche Telekom's T-Systems according to Synergy Research - had set a price range of a 18.5 to 20 euros per shares, which would lead to a market value of 3.5 to 3.74 billion euros.

(Reporting by GV De Clercq; Editing by Kirsten Donovan)

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