Philips Lighting enjoyed a positive first day of trading as a newly independent company on Friday after its Dutch parent spun off the business upon which it was founded more than 120 years ago.
Philips set an IPO price of €20 Thursday night, implying a market capitalization of €3 billion ($3.4 billion), or an enterprise value of €4.5 billion including debt.. The shares rose eight percent to €21.45 in early trading in Amsterdam.
