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France's OVHcloud could use IPO proceeds to fund targeted acquisitions

PARIS : French cloud computing services firm OVHcloud, which unveiled on Monday a plan to raise 400 million euros (US$469.2 million) in an initial public offering (IPO) in Paris, expects to make some targeted acquisitions, its CEO Michel Paulin said on Tuesday.

Paulin also said OVHcloud expected to make its stock market debut by the end of the year, but did not give a more precise timetable.

"We have made three acquisitions this year. Why not continue to make a few well-targeted acquisitions?" he told BFM Business.

(US$1 = 0.8524 euros)

(Reporting by Matthieu Protard; Editing by Sudip Kar-Gupta)

Source: Reuters

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