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Philips puts price on Lighting IPO

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.