It’s Official – Philips Lighting Will IPO
Philips Lighting will be floated as an IPO. But the offer will not be available in the United States, Canada or Japan. Specifically, the shares of Philips Lighting have not been and will not be registered under the U.S. Securities Act of 1933 (the “Securities Act”) and may not be offered or sold within the United States absent an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Any sale in the United States of the shares will be made solely to “qualified institutional buyers” as defined in, and in reliance on, Rule 144A under the Securities Act.
According to documents released by the company, the initial IPO will be for at least 25% of the parent company shareholding. After the IPO, Royal Philips will retain a majority holding with the aim to fully sell down over the next several years as Royal Philips will focus on its HealthTech businesses. The offering will be available to institutional and retail investors in the Netherlands and to certain qualified institutional investors in various other jurisdictions.
You can find full details of the IPO here. For the first time, the detailed financial performance of the business units of the Lighting group are revealed. This makes very interesting reading. Since the following statement appears at the top of the Press Release, for compliance reasons, we are not publishing the press release. But we encourage you to visit the website and read it for yourself.