Friday, May 27, 2016 - 07:50
Philips Lighting shares priced at €20; IPO on Friday
Philips Lighting shares will be selling for 20 euros each, the company announced. A total of about 37.5 million shares are hitting the stock exchange in Amsterdam today, ANP reports. At 20 euros each, the price per share is in the middle of the previously predicted range of 18.50 to 22.50 euros. The first batch of shares, about a quarter of the lighting division, will be listed on the Amsterdam stock exchange under "LIGHT" on Friday. Philips will make 750 million euros with this issue. The technology company plans to also sell the remaining Philips Lighting shares in the next 1 to 3 years, depending on market conditions. Philips wants to put all its focus into health technology and is therefore getting rid of its lighting division. Philips CEO Frans van Houten is happy with the interest investors are showing and the price of the IPO, he said in a statement. He is convinced that the two companies will have a bright future as separately listed companies. Lighting CEO is also pleased with the strong demand from investors.