PARIS: French cloud computing services provider OVHcloud said it was hoping to raise 400 million euros ($468.64 million) via the issuance of new shares as part of a planned initial public offering (IPO) on the Paris stock market.
OVHCloud hopes the IPO will “accelerate its growth trajectory and consolidate its European leadership position while continuing to expand in North America and Asia,” the company said, as it released its IPO registration document.
The family-owned company added on Monday that it was targeting a revenue growth of 10-15 percent for 2022 and an organic revenue growth rate in the mid-twenties by 2025.
These growth targets would be achieved while maintaining an adjusted EBITDA (earnings before interest, tax, depreciation and amortization) margin in line with the fiscal 2020 level.
No dividend payments were anticipated in the mid-term with cash-flows expected to be re-invested in line with the company’s accelerating growth trajectory, it added.
Following the IPO, the Klaba family will retain a substantial majority stake in OVHcloud.
The company had initially announced its IPO plans in March, two days before a major blaze destroyed one of its data centers in eastern France — a disaster that had raised concerns about its capacity to go public.
In June, OVHCloud re-committed to an IPO but provided no timetable.
France’s OVHCloud takes first step toward IPO and hopes to raise around $470m
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France’s OVHCloud takes first step toward IPO and hopes to raise around $470m
- OVHCloud hopes the IPO will “accelerate its growth trajectory and consolidate its European leadership position while continuing to expand in North America and Asia”
Saudi energy minister holds series of high-level meetings to cement collaborations
RIYADH: Saudi Arabia’s Minister of Energy held a series of strategic meetings in Riyadh with senior ministers from various counties, in a diplomatic push to bolster international energy collaboration.
Officials from Greece, Brazil, and Morocco were among those to meet with Prince Abdulaziz bin Salman, as well as representatives from Libya and Pakistan.
The discussions centered on expanding cooperation across a wide spectrum of energy sectors, from traditional hydrocarbons to cutting-edge clean technologies, according to the Saudi Press Agency.
The engagements underscored Saudi Arabia’s proactive role in shaping the global energy transition through bilateral partnerships. A consistent theme across the talks was the dual focus on securing energy supplies and advancing climate-related solutions, including renewable power, clean hydrogen, and carbon management.
Deepening European and South American ties
Prince Abdulaziz bin Salman met with Greece’s Minister of Environment and Energy, Stavros Papastavrou. Building upon a previously signed Memorandum of Understanding, the two officials explored avenues for joint cooperation in oil and gas, electricity, and renewables, as well as other related sectors.
In a separate meeting with Brazil’s Minister of Mines and Energy, Alexandre Silveira, the parties discussed prospects for collaboration across various energy domains. They reviewed means to enhance coordination, particularly in electricity, renewables, oil and gas, and the exchange of technical expertise.
Signing a program with Morocco
A key outcome emerged from the meeting with Morocco’s Minister of Energy Transition and Sustainable Development, Leila Benali. Following their discussions on mutual interests, investment opportunities in renewables, and energy efficiency, the two sides signed an executive cooperation program.
This program, falling under an MoU signed in May 2022, aims to concretize the energy partnership. Its goals are boosting mutual investments in renewable projects and enabling national companies to collaborate on renewable energy projects.
It also encompasses using renewables in development projects, establishing joint research and development centers, and facilitating training and knowledge transfer.
Strengthening regional and Islamic cooperation
Prince Abdulaziz also conferred with Libya’s Minister of Oil and Gas, Khalifa Rajab Abdulsadek. Their meeting focused on energy cooperation, including energy technologies and solutions, as well as enhancing investment opportunities in renewables and energy efficiency.
Discussions with Pakistan’s Minister of Petroleum, Ali Pervaiz Malik, covered shared interests in oil and its supplies, renewable energy, energy efficiency, joint investment opportunities, and the exchange of expertise in project, policy, and regulatory development.
This flurry of diplomatic activity highlights Saudi Arabia’s comprehensive energy strategy, which seeks to maintain its leadership in traditional energy markets while pursuing a stake in the future clean energy economy.
