The Dutch electronics firm, Philips,
aims to raise at least €694m (£547m) by selling a 25% stake in its
lighting business on the stock market.
Philips chief executive
Frans van Houten said the initial public offering (IPO) would enable the
company to focus on its health technology business.
The Dutch firm said on Monday that it would offer 37.5 million shares priced between €18.50 and €22.50.
It values Philips Lighting, the world's biggest, at up to €3.38bn.
Final pricing is expected on May 26.
Philips Lighting shares will be listed on Amsterdam's Euronext stock exchange the following day.
Mr
Van Houten said the decision to split the healthcare and consumer
appliances group into two companies would enable Philips Lighting to
capture opportunities in the LED lighting market.
"We believe
Philips Lighting's future status as a listed entity would strengthen its
position as a global market leader in connected LED lighting
solutions," he said in a statement. "At the same time, Royal Philips
will focus on the exciting and fast-growing health technology market."
Demand
Philips
Lighting, which produces LED, halogen and fluorescent lamps, as well as
electronic components and customised lighting systems, accounts for
about a third of Philips' sales. Its products are sold in about 180
countries and it has manufacturing plants in more than 20 countries.
Worldwide
lighting market sales reached €65.6bn euros in 2014 and are forecast to
grow to approximately €79.8bn in 2020, driven by increasing demand for
light as the global population grows and urbanises, as well as higher
demand for more energy efficient lighting and digital lighting, Philips
said.
Eric Rondolat, chief executive of Philips Lighting, called the planned IPO "a new chapter" in the history of the business.
"We
are leading the attractive and growing lighting industry through the
shift from conventional to LED lighting, as well as the expansion from
individual products to connected lighting systems and services."
No comments:
Post a Comment