AMSTERDAM: Royal Philips NV is seeking to raise as much as 970 million euros (US$1.1 billion) from an initial public offering (IPO) of a 25 percent stake in its lighting unit in Amsterdam after a private sale process did not result in a buyer.
Philips is planning to sell 37.5 million shares at a range of 18.50 euros to 22.50 euros per share, the Amsterdam-based company said in a statement yesterday. That values the lighting business at as much as 3.38 billion euros.
The shares are expected to start trading on Friday next week, the company said. The lighting division reported adjusted earnings before interest taxes and amortization of 547 million euros last year and had 7.47 billion euros in sales.
