Royal Philips NV, Amsterdam, the Netherlands, is planning to sell 37.5 million shares in its Philips Lighting business unit in a range between €18.50 and €22.50 per share, the company said. The offering will raise as much as €970 million ($1.1 billion) from the 25% stake in the business being put up in the initial public offering on the Euronext stock exchange in Amsterdam. That puts the unit’s value around €3.38 billion ($4.26 billion). The lighting division reported adjusted earnings of €547 million in 2015 on €7.47 billion in sales. The shares are expected to start trading on May 27.
About the Author
Doug Chandler, Senior Staff Writer
Executive Editor
Doug Chandler began writing about the electrical industry in 1992, and still finds there's never a shortage of stories to be told. So he spends his days finding them and telling them. Educationally, he's a Jayhawk with an English degree. Outside of work, he can often be found banging drums or harvesting tomatoes.