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Homeconsumer electronicsPhilips seeks to raise 694 million euros in Lighting IPO

Philips seeks to raise 694 million euros in Lighting IPO

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.

LED light bulb (L) and a compact florescent (CFL) light bulbPhilips to seek IPO for Philips LightingLighting spin-off costs dim Philips net profits figure

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