Dutch online store Coolblue today said that it has decided to postpone its Initial Public Offering (IPO) until further notice due to investor uncertainty.
The company, considered Amazon’s competitor in the Netherlands, had announced its intention to go public on Euronext Amsterdam earlier this month.
Pieter Zwart, Coolblue CEO and founder says, “Today, we decided to postpone the intended IPO until further notice. The current market conditions create uncertainty among investors towards IPOs, particularly in the e-commerce space. As entrepreneurs, we are confident we’re on the right track.
“I would like to thank everyone at Coolblue and HAL for all the work that has gone into the preparations over the past period. Together, we remain fully committed to pursue our strategy and continue the successful Coolblue journey,” he added.
China plays spoilsport
According to Reuters, inflation fears and concerns over a property crisis in China have spoiled investors’ appetite for new stock listings in recent weeks as stock markets fall from record highs.
“Fear of inflation and rising interest rates, as well as uncertainty around China, have made many investors more cautious,” said Christoph Lang, head of core equities in Europe for J. Safra Sarasin. “The Goldilocks environment we had for the last twelve months is over.”
Many companies like France’s Icade Sante, Switzerland’s Chronext and British roofing specialist Marley Group shelved their plans for an Initial Public Offering (IPO).
Numerous companies listed earlier this year are trading below their IPO price with the FTSE Renaissance IPO Index for Europe, Middle East, and Africa region down 9.19 per cent, reports Reuters.
About Coolblue
Founded by Pieter Zwart, Paul de Jong, and Bart Kuijpers in 1999, Coolblue has 14 physical stores in the Netherlands, Belgium, and Germany.
The Rotterdam-based company sells consumer products in 10 categories – from image and sound, telephony, computer and tablets, to household and living.
The company is driven by data and technology, measuring everything from initial customer interest to warehouse efficiency through its scalable cloud-based IT platform and software stack.
In 2020, the company achieved a turnover of €2B (+ 34 per cent) and an operating result (EBITDA) of €114M, which is €66M more than the year before.
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