Dutch industrial conglomerate Royal Philips Electronics raised 750 million euros ($835 million) through the initial public offering (IPO) of its Philips Lighting business, which has been spun off into a separate company.
Philips issued 37.5 million shares on 27 May at a price of 20 euros per share ($22.25). Philips Lighting is now trading on the Euronext stock exchange, and has a market capitalization of 3 billion euros ($3.34 billion).
The IPO represents 25% of Philips Lighting shares, with Royal Philips retaining the remaining 75%. The parent company said it intends to wind down the rest of its stake in the lighting business over the next two years, according to published reports.
Royal Philips has been restructuring in order to focus on its Philips Healthcare business going forward.
