Philips to raise up to 844 million euros in lighting IPO

AP News
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Posted: May 16, 2016 9:42 AM

THE HAGUE, Netherlands (AP) — Dutch electronics giant Royal Philips NV has set the price for the initial public offering of its lighting division, saying it will sell 25 percent of shares at a price between 18.50 and 22.50 euros ($20.96-25.50).

The company said Monday the IPO will likely be held Friday, May 27, on Amsterdam's Euronext exchange and will raise around 694-844 million euros ($786-956 million).

Philips, which started life in 1891 making carbon filament lamps, announced earlier this month that it planned to spin off its iconic lighting division so it can focus on its future as a health technology provider.

The decision brought to an end a long and fruitless search by Philips for a buyer for the lighting division.