Philips To Fund HealthTech Through Lighting Biz IPO

Dutch conglomerate Royal Philips recently confirmed that it is planning an initial public offering (IPO) in 2016 for its lighting business. The company aims to use the proceeds from the IPO to jumpstart its standalone healthcare business called HealthTech. Philips said in a recent shareholders circular that it would likely offer a minority interest in the IPO scheduled for the first half of next year, according to a New York Times report. However, the company added that it is planning subsequent secondary offerings or transactions with the ultimate goal of a full divestment of its lighting business.