Following the announcement of the initial public offering by Philips Lighting in May, the company recently issued a notice announcing the exercise of the over-allotment option.
A recent Reuters newsletter said that the company granted underwriters options to obtain up to $5625,000 in additional common shares at a price of 20 euros ($22.52) per share.
The number of shares subscribed to by Philips' initial public offering is close to 28.75%, indicating that Philips will retain a 71.25% stake in its lighting business. The Dutch group's shares are locked for six months.
Over-allotment option amount
The over-allotment option, also known as "green shoes." It refers to an option granted by the issuer to the lead underwriter. The authorized underwriters over-sell the shares not exceeding 15% of the underwriting amount at the same issue price, ie the lead underwriters shall not exceed the 115% of the underwriting amount. Investors are on sale.
Within 30 days from the date of listing of the shares in the additional issuance part, the lead underwriter shall have the right to purchase the issuer's stock from the centralized bidding market according to the market conditions, or require the issuer to issue additional shares, and allocate the application for the overdue part. investor.
By not using the self-owned funds, the lead underwriters can balance the market's supply and demand of the stocks by exercising the over-allotment option and stabilize the market price.
The over-allotment option is named after the US first-time public offering of shares (IPO) in Boston, the over-allotment option manufacturing company, and is the common name for the over-allotment option system, also known as the over-allotment option option (GreenShoeOption).
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