News reports that Siemens is considering an IPO for its Osram business unit and the Sylvania lighting business may be one more indication of the lighting market's evolution toward LEDs and other solid-state lighting sources.

A Feb. 28 Bloomberg report said Munich-based Siemens AG is considering an IPO for its Osram lighting unit and that the company has retained Deutsch Bank AG, Goldman Sachs Group Inc. and Commerzbank AG to prepare the IPO. The Bloomberg article also said Osram is the second-largest lighting company in the world as measured by sales after Royal Philips Electronics NV, and said Morgan Stanley estimates Osram has an enterprise value of €6.5 billion ($9 billion) to €7 billion (approximately $9.75 billion US). Osram's most recent financial results have been solid, as new orders and sales at the company both rose 14 percent to €1.28 billion (approximately $1.78 billion US) in the first three months of fiscal 2011, although profit did slip 2 percent to €141 million (approximately $196.38 million US). Osram's 2010 total revenues were €4.7 billion (approximately $6.5 billion US) in fiscal year 2010. Siemens declined to comment on the IPO speculation.

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