Coolblue delays highly anticipated IPO over market issues
Coolblue is postponing its IPO until further notice due to the current uncertainty in the financial markets. According to CEO Pieter Zwart, the situation means that investors are hesitant about IPOs in the online store industry.
Coolblue wanted to take the step to the stock exchange in Amsterdam this month. The company would have issued new shares to finance further growth. The aim was to raise 150 million euros. Existing shareholders would also have sold shares.
"In recent months, a lot of people worked very hard on all the preparations, and we were ready. And I want to thank everyone very much for that," Zwart said in a statement. He emphasized that he still has complete confidence in the direction of the company.
The company is 49 percent owned by investor HAL, who also cited disappointing market conditions for postponing the stock exchange plans. CEO and co-founder Zwart owns about 50 percent of the shares. Financial director Daphne Smit also owns shares.
Het Financieele Dagblad recently reported that Coolblue encountered problems in the run-up to its stock market debut. Non-public reports from bank analysts alleged that the company was struggling with a shortage of deliverers and staff in its distribution center in Tilburg. The company also recently spent a lot of money expanding Germany and introducing new services, such as installing solar panels. All of this would have caused profits to fall sharply in recent months.
The company, founded in 1999, still recorded a turnover of 2 billion euros in 2020, compared to almost 1.5 billion euros a year earlier. It achieved an operating result of 114 million euros. Coolblue is active in the Netherlands, Belgium, and Germany, selling large appliances and laptops, among other things. In addition to e-commerce, the company also has 17 physical stores. Coolblue plans to open more stores.
Reporting by ANP.