It has been confirmed that Philips Lighting will be issuing an IPO instead of being put up for sale, Philips will gradually sell more than 25% of its stake in the lighting business. Additionally, the company’s IPO announcement will disappoint several investors, such as Go Scale Capital, Melrose, and Apollo to name a few that had previously been interested in submitting bidding proposals. The company’s lighting arm in Thailand has also decided to shut down its fluorescent bulb factory as market penetration of LEDs escalate in the local market to more than 34%.