File sharing service WeTransfer has cancelled its IPO on the Amsterdam stock exchange, just one day before it was due to take place.

Parent company WeRock said in a statement that the decision had been taken because of the volatile market conditions and despite the fact the IPO had received substantial investor demand.

WeRock had planned to issue approximately €125m in new shares alongside a secondary offering of up to 5.4 million existing shares by its current owners and managers. The company has 87 million monthly users and estimates sales of more than €100m in 2021.

Last autumn, online electronics retailer Coolblue also abandoned its plans to list in Amsterdam because of uncertainties on the financial markets.