Beijing time on May 16 evening news, Royal Philips Electronics Co., Ltd. (Koninklijke Philips NV, PHG) on Monday set the guiding price range for its lighting business initial public offering (IPO), the company said that the IPO financing scale may be 694 million - 8.4 billion euros (about 784.8 million - 954.5 million US dollars).
The Dutch electronics group said that the IPO guidance price range for the lighting business is 18.50-22.50 euros per share, which means that the market value of this business is between 2.78 billion and 3.38 billion euros.
The final price is expected to be announced on May 26, and the new shares will be listed on the Euronext in Amsterdam from May 31.
Earlier this month, Philips confirmed that it would spin off its lighting business to focus on its healthcare business. Philips will sell a 25% stake in Philips Lighting in the IPO.
The company also explored the possibility of selling the business but failed to find a suitable buyer.
Philips is divesting its nearly 125-year-old lighting business as part of a broader strategic reorganization plan. Under the restructuring plan, Philips will focus on developing its more lucrative and growing healthcare business.
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