Software firm Planisware launches $1.18 billion IPO in Paris

Planisware had postponed its IPO in October, citing a deteriorating market environment that had prompted caution among investors.

The valuation is at the lower end of a range of 1.11 billion to 1.25 billion euros it was aiming for in October.

Planisware will offer up to 15,085,000 ordinary shares for 16 euros each - compared to 16-18 euros in October - to be sold for about 241 million euros, it said in a statement.

Its founders will retain a majority stake following the IPO.

The shares are expected to start trading on April 18.

Planisware said its consolidated revenue grew by 20% per year on average between 2020 and 2023, with an adjusted EBITDA margin of more than 33% last year.

In October 2021, French cloud computing firm OVHcloud's IPO was priced at 18.50 euros per share, giving it a market capitalisation of around 3.5 billion euros.

($1 = 0.9421 euros)

(Reporting by Stéphanie Hamel in Gdansk; editing by Milla Nissi and Jason Neely)