Ocado, the online grocer that has yet to make an operating profit since forming 10 years ago, said Thursday its plans for a £510m (€610.7m) initial public offering on the London Stock Exchange are still on track.

Earlier Thursday, UK oil company Fairfield Energy pulled its planned IPO to raise $500m, citing market conditions. That raised speculation that Ocado could suffer a similar fate, since the deal has already faced sharp criticism from some investors and analysts who see its aimed-for valuation of around £1bn as too high.