Philips Lighting Unit IPO Could Raise More Than $950 Million
May 16 2016 - 3:50AM
Dow Jones News
Koninklijke Philips NV on Monday set the pricing for the initial
public offering of its lighting unit, saying the spinoff could
raise between €694 million to €844 million ($784.8 million to
$954.5 million) for the company.
The Dutch electronics group said it wanted to sell shares in the
unit at between €18.50 to €22.50 apiece, implying a market
capitalization of €2.78 billion to €3.38 billion.
The final offer price is expected to be announced May 26, with
unconditional trading in the shares on Euronext Amsterdam set to
start May 31.
Philips confirmed earlier this month that it would float the
business to focus on its health-care business. It is selling 25% of
Philips Lighting in the float.
The company had also explored a sale of the business but
struggled to find a buyer.
The Amsterdam-based company is separating its nearly
125-year-old lighting arm as part of a wider strategic overhaul to
concentrate on its more profitable and faster growing health care
business.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
May 16, 2016 03:35 ET (07:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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