OVH Groupe SAS kicked off an initial public offering in Paris, looking to raise as much as 400 million euros ($469 million) that will give the cloud-storage provider funding to finance its competition with Amazon.com Inc. and accelerate its international expansion.
Existing holders will also sell shares in the IPO, the company said in a statement Monday. OVHcloud was valued at more than $1 billion in 2016, when KKR & Co. and TowerBrook Capital Partners took a combined 20% stake in the business.
