US buy-out firm Kohlberg Kravis Roberts has raised nearly €300m ($383m) from the initial public offering of Austrian lighting manufacturer Zumtobel.

Zumtobel shares were last night priced at €20.50, the midpoint of the flotation range, valuing the 14.6 million shares sold by KKR at €299m. KKR will get a further €78.7m if a 3.84 million share over-allotment option, equal to about 9% of the company's share capital, is sold, increasing the firm's total proceeds to €377m.