Siemens eyes 4.65 billion euros in Healthineers IPO

Berlin: Siemens said it plans to list its Healthineers medical unit on March 16, in an initial public offering that could net the group up to 4.65 billion euros ($5.73 billion).

The industrial giant is selling a 15 percent stake in Healthineers, with the price range set at 26 to 31 euros per share.

The offer period is expected to begin Tuesday and last until March 15.

Depending on the final offer price and interest in the IPO, "Siemens would receive gross proceeds of between 3.9 billion euros and 4.65 billion euros," the group said in a statement.

Healthineers, which makes medical devices such as X-ray machines and diagnostic equipment, is one of Siemens' largest and most profitable divisions and a leading industry player worldwide.

The division recorded revenues of 13.8 billion euros in the 2017 fiscal year with adjusted profits of 2.5 billion euros.

That gave it a profit margin of some 18 percent, according to Siemens.