Philips Lighting prices IPO at €20 a share
Philips Lighting said on Thursday that it has priced its initial public offering at €20 a share, which would give the Dutch group a market value of €3bn.
The company – the lighting division of electronics giant Royal Philips – said it anticipates proceeds of €750m from the offering.
“I am pleased with the response of investors towards Philips Lighting and the successful pricing of the IPO. This strategic milestone will allow Royal Philips to focus on the fast‐growing health technology market,” said Frans van Houten, chief executive of Royal Philips.
Philips Lighting said the IPO was “multiple times oversubscribed” and that it garnered” strong demand from both institutional and retail investors.
The news comes as the latest sign of life in the listing market, which all but froze earlier in 2016 as tumult across global financial markets kept companies on both sides of the Atlantic on the sidelines. In fact, US Foods rallied 8 per cent in its public debut in New York on Thursday following what was one of the biggest deals of the year.
Philips Lighting said it expects trading to begin on Euronext in Amsterdam on Friday.