Philips' lighting division rose above its IPO (initial public offering) price at the Amsterdam stock exchange on Friday morning as the company's chief executive told CNBC that he was "very happy" with the market debut.
The offering was priced at 20 euros ($22.3) per share, but quickly rose to above 21.6 after the session opened before retreating back to 21.3 euros per share.
Philips reiterated on Thursday that it is offering a total number of 37.5 million shares – or 25 percent of the business.
Eric Rondolat, chief executive of Philips Lighting, told CNBC that it was an historic day. "Look at the investors, they believe in our story. With these new shareholders we're going to expand our leadership in LED lighting."
"We are on the verge of reinventing the lighting industry," he added.
Rondolat dismissed concerns of competition from low-cost producers in China and said that innovation within the firm would enable it to stay ahead of the competition.
"We are on the verge of reinventing the lighting industry. It will not be as it used to be since we are moving from LED to connected lighting, since we're moving from a product sale to a systems and service sales where we're going to be present on the full life cycle (of the product)," he added.
He said the company's strategy was to expand growth or the dividend for shareholders. "It's for both," he said, detailing more of the company's forthcoming strategy.
"Pricing is something we need to adapt to, but there are other elements to building a competitive advantage. We want to talk about the brand, we want to talk about the reach to the market and the connection we have for decades with our customers as well as our innovation power."