Dutch online white goods and electronics retailer Coolblue will not float on the Amsterdam stock exchange until after the summer, the Financieele Dagblad reported on Monday, quoting company sources.

Atthough the IPO has never been formally notified, chief executive Pieter Zwart said in February that the company was thinking seriously about it, and behind the scenes preparations were underway, the FD said.

In addition, Rotterdam investment house Hal, which owns 49% of the shares in Coolblue, confirmed in February that ‘an initial public offering (IPO) of Coolblue shares on Euronext Amsterdam is currently being considered.’

The IPO, Hal said, was expected to take place in 2021, depending, among other things, the conditions on the financial markets.

Sources had told the paper the company was ready to float, but now shareholders want to put more time into preparing for the launch.

In addition, they are feeling no pressure to act in haste because the company is performing better than ever, thanks to the lockdown, the FD said. Last year, the company booked turnover of €2bn, a rise of 34% on 2019.

Insiders expect the IPO to value the company at between €3bn and €4bn, although some have suggested up to €6bn.

Zwart founded Coolblue in 199 with student friends Paul de Jong and Bart Kuijpers to sell mp3 players. The company now sells a wide range of household equipment, from fridges to solar panels and also offers customers and installation service.

The group has several physical stores in the Netherlands and Belgium as well as its online presence. It is also expanding into Germany.