Dutch technology company Royal Philips has raised 750 million euros ($840 million) in the initial public offering (IPO) of its Philips Lighting business, the company said in a statement released Thursday. The price for shares of the newly listed company was set at 20 euros each, and trading started Friday on the Euronext stock exchange in Amsterdam.

A total of 37.5 million shares were offered in the IPO, which represent 25 percent of the Philips Lighting’s ordinary shares, which is in line with company’s plans announced earlier. The price of 20 euros gives the company market capitalization of 3 billion euros, and according to the statement, an enterprise value — “including debt and debt-like items” — of about 4.5 billion euros.

The company has also granted an over-allotment option of up to 15 percent of the offered shares. If fully utilized, Royal Philips will end up with 71.25 percent shares in Philips Lighting, which it will sell “over the next several years as it will focus on its HealthTech business.”

Frans van Houten, CEO of Royal Philips, said: “I am pleased with the response of investors towards Philips Lighting and the successful pricing of the IPO. This strategic milestone will allow Royal Philips to focus on the fast‐growing health technology market. I am convinced that both Royal Philips and Philips Lighting will thrive as separate, listed companies, each focused on long‐term value‐creating growth opportunities.”

Philips Lighting is the world’s largest manufacturer of lights and had revenues of 7.5 billion euros in 2015. It operates in over 70 countries and employs more than 36,000 full-time employees. The IPO makes it the world’s largest independent lights maker, bigger than its German rival, Osram.

Philips had been in talks with potential investors to sell off its lighting business, but reportedly turned down lower-than-expected offers before deciding on the IPO route.

Shares of Philips Lighting trade under the “LIGHT” symbol and were trading at a 1.9 percent premium at 9:25 a.m. local time (3:25 a.m. EDT) after opening at 21 euros per share.