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Lighting Business IPO Could Raise More than $950 M

2016-05-20

Philips Says Lighting Business IPO Could Raise More than $950 M

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Philips has decided on the price for its initial public offering for its lighting unit recently, and estimates the spinoff could raise between EUR 694 million and EUR 844 million (US $785 million to US$ 954 million), reported Wall Street Journal.

The shares of its lighting business will be sold between EUR 18.50 and EUR 22.50, implying the market capitalization of EUR 2.78 billion to EUR 3.38 billion.

The company is scheduled to announce the final offer price by May 26, while trade of the shares on Euronext Amsterdam is to start by May 31.

Philips will sell 37.5 million Philips Lighting shares, or equivalent to 25% of the business, in the float to both institutional and individual investors.

According to the report, Philips will be offering underwriters the option to buy an extra 3.75% of its business, which could boost the total funds raised from the IPO to EUR 970 million, depending on the final issue price.

Philips CEO Frans van Houten said the new company will be focused on further expanding its global presence in general lighting market, and driving the transition to LED and connected lighting systems and services.

The lighting business reported sales of EUR 7.4 billion in 2015, making the company one of the top manufacturers in the business. Philips Lighting comprises a contracting lamps operation business and fast-growing LED luminaires, systems and services.

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