Webshop Coolblue is postponing the company’s IPO “until further notice”. CEO Pieter Zwart reports this in a statement on Wednesday short video message on Twitter. “The current uncertainty in the financial markets deters potential investors,” says Zwart. Less than two weeks ago, Coolblue announced its intention to go public.
“Especially when it comes to new IPOs in e-commerce,” says Zwart, the climate at the stock exchange is not good. The CEO further states that he has “complete confidence” that his company is “on the right course”. In the video message he thanks his employees for all the preparations for the IPO.
Coolblue is almost 49 percent owned by investor HAL, which also states in a statement that the IPO of the web store is being postponed due to “disappointing market conditions”. Topman Zwart owns approximately half of the Coolblue shares.
The aim of the IPO was to raise 150 million euros. For this, new shares would be issued and existing shareholders would sell between 20 and 30 percent of their shares. Coolblue wanted to use the money to be raised to open more physical stores in Belgium and the Netherlands, and to expand its activities in Germany.
Also read: Coolblue founder Zwart: ‘After the IPO I will remain the largest shareholder’