Philips to raise as much as $1.09 bn from lighting unit IPO
17/05/2016 13:04
The Amsterdam-based Philips said that it plans to raise almost billion from the initial public offering of a 25 percent stake in its lighting unit in Amsterdam set for May 27. Philips said it would release some 37.5 million shares aiming at raising between 694 million euros to 970 million euros (USD 784 million-USD 1.09 billion). The expected price range for the IPO would be set at between 18.50 euros to 22.50 euros, valuing the lighting arm at around 2.78 to 3.38 billion euros. "Today's announcement is an important next step in the planned initial public offering of Philips Lighting on Euronext Amsterdam, signalling that the process is well on track," said chief executive Frans Van Houten. Company officials said the interest they had already received was "very encouraging" and had pledged to release up to 28.75 per cent of shares if the IPO was oversubscribed. The net proceeds of the sale will go to Royal Philips, and the remaining shares will be sold off over the coming years, the company said in its statement.
17/05/2016 13:04
