Monday, May 16, 2016 - 16:40
Philips Lighting IPO on May 27 valued at up to €3.4 billion
Philips Lighting is set to hit the Euronext Amsterdam exchange on May 27th, if all goes well. The lighting division will be valued at between 2.78 billion euros and 3.38 billion euros, with shares costing between 18.50 and 22.50 euros, Financieele Dagblad reports. The value is somewhat lower than expected. Goldman Sachs analysts initially estimated the IPO value at around 5 billion euros. According to FD, Philips had to lower the price because of uncertainty among investors about the lighting divisions' prospects. The impending UK referendum on a possible exit from the EU also played a role. Philips is initially putting a quarter of the shares, 37.5 million units, on the market. There is also an over-allotment option that could increase that to 28.75 percent. The fist of these shares will hit the market on May 27th. According to ANP, the shares' stock ticker symbol will be "LIGHT". The technology group plans to sell its remaining stake in Lighting in the coming years. Depending on the market conditions, this could take anything between 1 and 3 years.