THE HAGUE: Investors happily switched into Philips’s lighting division shares at their Amsterdam debut, over a century after the Dutch electronics giant sold its first light bulb.
Strong demand ensured that shares in the highly-anticipated listing of a quarter of the lighting unit’s equity rose well above their initial flotation price of 20 euros ($22.30), the stock exchange said.
From an opening level of 21 euros, Philips Lighting’s share price went on to climb to a high of 21.77 euros in morning trade.
It ended the day at 22 euros, up 10 percent.
“Today with the listing of Philips Lighting as a standalone company on Euronext Amsterdam, we begin a new chapter in the long history that started... 125 years ago,” Philips Lighting CEO Eric Rondolat said in a statement.
“We are truly excited to welcome Philips Lighting, a strong and innovative brand with a rich heritage in lighting industry,” added Maurice van Tilburg, Euronext Amsterdam’s chief executive.
Philips late on Thursday announced it would list a quarter of its lighting arm’s shares at 20 euros each, expecting to rake in 750 million euros in the historic IPO, after failing to find an outright buyer over the last 18 months.
“The share price seems to have satisfied those who are interested... but it’s difficult to say whether it’s a good price over the long term,” Joost van Beek, an analyst at Theodoor Gilissen private bank, said.
Philips announced in September 2014 that it was selling off its core lighting business — a mainstay of its income for more than a century — to focus more on medical equipment.
Strong demand ensured that shares in the highly-anticipated listing of a quarter of the lighting unit’s equity rose well above their initial flotation price of 20 euros ($22.30), the stock exchange said.
From an opening level of 21 euros, Philips Lighting’s share price went on to climb to a high of 21.77 euros in morning trade.
It ended the day at 22 euros, up 10 percent.
“Today with the listing of Philips Lighting as a standalone company on Euronext Amsterdam, we begin a new chapter in the long history that started... 125 years ago,” Philips Lighting CEO Eric Rondolat said in a statement.
“We are truly excited to welcome Philips Lighting, a strong and innovative brand with a rich heritage in lighting industry,” added Maurice van Tilburg, Euronext Amsterdam’s chief executive.
Philips late on Thursday announced it would list a quarter of its lighting arm’s shares at 20 euros each, expecting to rake in 750 million euros in the historic IPO, after failing to find an outright buyer over the last 18 months.
“The share price seems to have satisfied those who are interested... but it’s difficult to say whether it’s a good price over the long term,” Joost van Beek, an analyst at Theodoor Gilissen private bank, said.
Philips announced in September 2014 that it was selling off its core lighting business — a mainstay of its income for more than a century — to focus more on medical equipment.
