AMSTERDAM (Reuters) - Shares in Philips Lighting
Philips set a listing price of 20 euros Thursday night, implying a market capitalisation of 3.0 billion euros (2.3 billion pounds), or an enterprise value of 4.5 billion euros including debt.
The shares rose to 21.45 euros in early trading in Amsterdam.
"We want to be the lighting company for the Internet of things," said Philips Lighting Chief Executive Eric Rondolat.
With the listing, Philips Lighting becomes the world's largest independent lighting maker, surpassing Germany's Osram.
Philips will raise 750 million euros from the sale of a 25 percent stake in the initial float, and plans to sell off the rest in coming years.
The move marks a major turning point for Philips, built up since 1891 on the sale of light bulbs and later consumer electronics. It will now focus on healthcare.