The Dutch webshop Coolblue, which is also active in Belgium and Germany, is postponing the planned IPO in Amsterdam until further notice. “The current uncertainty in the financial markets is making investors hesitant about e-commerce IPOs,” it said in a press release.
Coolblue intended to go to the Amsterdam stock exchange in October. In addition, new shares would be issued to finance further growth. It was intended that this would raise 150 million euros. Existing shareholders would also sell shares.
The company is 49 percent owned by investor HAL, who also cited disappointing market conditions as a reason for postponing the stock exchange plans. CEO and co-founder Pieter Zwart owns approximately 50 percent of the shares. Financial director Daphne Smit also owns documents.
The Dutch newspaper Het Financieele Dagblad previously reported that Coolblue ran into 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. Recently, a lot of money has also been spent on expansion in Germany and the arrival of new services, such as installing solar panels. All of this would have put profits down sharply in recent months.
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.
The web store, active in the Netherlands, Belgium and Germany, also has seventeen physical stores (five of which are in Belgium). Coolblue wants to open more stores.