Toshiba-owned smart-meter specialist Landis+Gyr has set a share price range of CHF70 to CHF82 (around €63 to €74) for its upcoming IPO, valuing the Swiss company at up to CHF2.4 billion. Toshiba will sell all of its 60% stake in the business, while the Innovation Network Corporation of Japan will offload its 40% holding.
The move comes as Toshiba looks to recover from the heavy losses sustained from its ill-fated acquisition of nuclear power business Westinghouse; Toshiba has already agreed to sell its NAND flash memory unit to a Japanese-government backed consortium, although that saga is still unfolding. Last month, Toshiba announced that losses in the 2016 financial year could total 995 billion yen (around €7.7 billion).
Landis+Gyr is expected to start trading on the SIX Swiss Exchange on 21 July under the symbol LAND.