France's Planisware ZZ420 launched an initial public offering on Tuesday that valued the software company at 1.11 billion euros ($1.18 billion), marking the largest IPO on the Paris Euronext exchange in the past three years.
Planisware postponed its IPO in October, citing a deteriorating market environment that had led to caution among investors.
The valuation is at the lower end of a range of 1.11 to 1.25 billion euros targeted in October.
Planisware will offer up to 15,085,000 ordinary shares at 16 euros each – compared to 16 to 18 euros in October – and sell them for about 241 million euros, it said in a statement.
The founders retain the majority stake after the IPO.
Shares are expected to begin trading on April 18.
Planisware said its consolidated revenue grew at an average annual rate of 20% between 2020 and 2023, with an adjusted EBITDA margin of more than 33% last year.
In October 2021, French cloud computing company OVHcloud's OVH The price for the IPO was 18.50 euros per share, which corresponds to a market capitalization of around 3.5 billion euros.
($1 = 0.9421 euros)
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