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Philips seeks to raise 694 million euros in Lighting IPO

LED bulbs by Philips
Source: Philips Lighting
LED bulbs by Philips

Philips on Monday said it is seeking to raise at least 694 million euros ($785 million) by selling a 25 percent stake in its lighting division in an initial public offering of shares.

In a statement, the company said it would sell 37.5 million shares at 18.50 euros-22.50 euros per share in an IPO, implying a market capitalisation for the division of 2.78 billion euros-3.38 billion euros.

Including debt, Philips Lighting, the world's largest lighting maker, would have an enterprise value of 4.32 billion euros-4.92 billion euros, the company said.

Final pricing is set for May 26, with the listing commencing the following day.