Dutch online white goods and electronics retailer Coolblue has cancelled plans for an IPO in Amstrdam, because of the current uncertainties in the market.
The flotation, announced earlier this month, has been postponed until further notice, because ‘the current market conditions are creating uncertainty among investors towards IPOs, in particular in the e-commerce space,’ chief executive and founder Pieter Zwart said.
The IPO should have consisted of a primary offering of new ordinary shares and a secondary offering of existing ordinary shares. Rotterdam investment house Hal currently owns 49% of the company and is known to have been looking into a flotation.
Zwart founded Coolblue in 1999 with student friends to sell mp3 players. The company now sells a wide range of household equipment, from fridges to solar panels and also offers customers an installation service.
The group has 17 physical stores in the Netherlands and Belgium as well as its online presence. It is also expanding into Germany.
The proceeds of the IPO would have been used to further fuel the company’s expansion as well as ‘explore new business opportunities.’
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