Dutch electronics giant Philips on Friday realised €750m from the sale of shares in its lighting division, which is being hived off as a separate company.
The shares were priced at €20 each ahead of the IPO, valuing the company at €3bn.
Philips Lighting CEO Eric Rondolat said the level of interest from both institutional and retail investors ‘underpins our belief that our investment case is solid, supported by strong cash flow generation’.
The IPO completes Philips transition to a medical technology firm. Philips began operations as a maker of light bulbs in 1891. In recent years, the company has focused on led lighting.
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