NEW YORK (360Dx) – Siemens said late on Thursday that it has raised €4.2 billion ($5.2 billion) from the initial public offering of Siemens Healthineers' stock.
The spinoff of Siemens Healthineers, announced earlier this year, is part of Siemens' streamlining efforts and will free up the health unit to "chase the growing global healthcare market," the firm said. The listing, it added, will allow Siemens Healthineers "to invest in research-intensive areas, such as molecular diagnostics, that offer faster growth," and to acquire US-based healthcare technology startups.
The offering of 150 million shares, or about 15 percent of Siemen's ordinary shares, was priced at €28 per share, toward the lower end of the company's guidance of range of €26 to €31 per share. Siemens Healthineers' shares are listed on the Regulated Market of the Frankfurt Stock Exchange
Earlier in the month, Siemens said that the IPO was expected to raise gross proceeds of between €3.90 billion and €4.65 billion.