Philips Lighting makes bright start in stock market debut

Shares in Philips Lighting rose 8 percent in their initial public offering on Friday, marking the beginning an independent company after 120 years in the Philips group. 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. "We want to be the lighting company for the Internet of things," said Philips Lighting Chief Executive Eric Rondolat.