ZURICH, July 12 (Reuters) - Toshiba’s Landis+Gyr smart meters unit aims to raise up to 2.4 billion Swiss francs ($2.49 billion) in an initial sale of shares as the Japanese company unloads the business to help cover losses at its bankrupt U.S. nuclear unit Westinghouse.
The price range for the IPO was set at 70 francs to 82 francs per share, Landis+Gyr said on Wednesday, with the transaction to raise between 2.1 billion francs and 2.4 billion francs.
There is no overallotment option, and Toshiba and minority owner INCJ are selling 100 percent of their stakes. Shares are due to begin trading on July 21 on the SIX Swiss Exchange. ($1 = 0.9622 Swiss francs) (Reporting by John Miller; Editing by Muralikumar Anantharaman)