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Dutch online retailer Coolblue postpones IPO due to market conditions

© Reuters.

AMSTERDAM (Reuters) -Dutch online store Coolblue said on Wednesday it had decided to postpone its initial public offering (IPO) of shares planned for this month because of uncertain market conditions.

Coolblue, the Netherlands’ second-largest online retailer behind Ahold Delhaize’s, said this month it planned to list its shares on the Amsterdam Stock Exchange within weeks.

“The current market conditions create uncertainty among investors towards IPOs, in particular in the ecommerce space,” Coolblue founder and Chief Executive Pieter Zwart said in a statement.

“We decided to postpone the intended IPO until further notice.”

Sources close to the matter had said that Coolblue was aiming for a valuation of 3 billion to 4 billion euros ($3.5 billion – $4.6 billion) with its IPO, in which 20% to 30% of its shares would be sold.

Dutch investor HAL Trust has a 49% interest in Coolblue, while Zwart holds the remaining stake.

Coolblue’s revenue jumped 31% in the first six months of this year to 1.2 billion euros, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 15% to 54 million euros.

($1 = 0.8660 euros)

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