Philips' lighting unit IPO more likely as profit rises

Amsterdam

ROYAL Philips NV is leaning towards holding an initial public offering (IPO) of its historic lighting business after first-quarter profit beat estimates and an attempt at a private sale has so far been unsuccessful.

"With equity markets' sentiment improving compared to the first couple of months of the year, an IPO increasingly appears a more likely outcome," Philips said on Monday, adding it has not yet decided on all proposals in the private sale process and that a decision will be made shortly.