Coolblue announces IPO; Will list on Euronext Amsterdam later this month

Online store Coolblue wants to go public in Amsterdam this month. With that, new shares will be issued by the company to finance further growth. The aim is to raise 150 million euros. Existing shareholders will also sell shares.

Coolblue is 49 percent owned by investor HAL. CEO and co-founder Pieter Zwart owns approximately 50 percent of the shares. Financial director Daphne Smit also owns shares. HAL, Zwart and Smit are now going to sell shares.

Zwart spoke in an explanation of the "next logical step in the development of Coolblue". "I'm really looking forward to taking this step in the coming weeks, together with everyone involved."

The company, founded in 1999, achieved a turnover of 2 billion euros in 2020 compared to almost 1.5 billion euros a year earlier. An operating result of 114 million euros was achieved. Coolblue is active in the Netherlands, Belgium and Germany, selling major appliances and laptops, among other things. In addition to e-commerce, the company also has 17 physical stores. Coolblue wants to open more stores.

The IPO should also give the company more financial flexibility to pursue business opportunities in the future. In addition, the listing on Beursplein 5 should help brand awareness and attract staff. After the IPO, 20 to 30 percent of Coolblue's shares will be tradable on the stock exchange.

Zwart also said that a new Coolblue store will open in Antwerp on Friday. He wants to expand with the opening of new stores, especially in Germany, but also to open more branches in the Netherlands and Belgium. In addition, Coolblue is active in the supply of energy to household. The company also wants to supply charging stations for electric cars, Zwart said. He said that it will be an "honor" to be listed in Amsterdam. The exact valuation of Coolblue will be determined later.