The Hague

DUTCH electronics giant Philips announced on Monday it would float 25 per cent of its shares in a highly anticipated initial public offering (IPO) set for May 27 which could raise almost one billion euros (S$1.6 billion).

The Amsterdam-based company said it would release some 37.5 million shares - with an option of releasing more if the offer is over-subscribed - aiming at raising between 694 million euros to 970 million euros.