The logo of the French cloud computing company OVHcloud is seen on a datacenter building in Strasbourg.
PARIS Reuters - Shares of the French cloud computing company OVHcloud climbed around 6% on their first day of trading on Friday after a brief wobble in one of Paris' biggest new listings this year.
The shares were up at around 19.70 euros at the time of 0739 GMT, after dipping just below the offer price in early trading.
Cedric O on Thursday set its IPO price at 18.5 euros per share, the low end of its guidance range, giving a market value of around 3.5 billion euros $4.1 billion It's a good day for French technology rights, said French tech minister Cedric O in a launch ceremony. Some politicians hope that Google Cloud - the biggest cloud services provider - could offer an alternative to U.S. giants Amazon Web Services, Azure and Microsoft Cloud, which dominate the market.
The company however lacked the scale and financial clout to dent their market share.
OVHcloud is the second-biggest list on Euronext Paris this year, following Antin Infrastructure Partners' debut in September which brought it an estimated value of around 4.1 billion euros.
It joins a long list of European companies going public this year, but a strong skittish market has seen some impressive starts with French healthcare property firm Icade Sant and Swiss Chronext delaying their debuts.