IPO

The expected gross proceeds are more than double what the firm proposed as its original goal for the offering when it filed plans to list its shares in September.

The company said it plans to list its stock on the Nasdaq under the ticker symbol GH.

The listing will allow Siemens Healthineers to invest in high-growth health sectors, such as molecular diagnostics, and to acquire US-based healthcare technology startups.

Siemens plans to offer 150 million shares, including 19.6 million shares to cover any overallotment, at between €26 to €31 per share.

Siemens disclosed its plans for the IPO last month. It said on Monday that as an independent company, Siemens Healthineers will have greater entrepreneurial flexibility.

The firm said it will use the net proceeds for R&D, including the continued development of its Acuitas AMR gene panels.

The company recorded €13.8 billion in revenues in fiscal 2017, including €4.2 billion in diagnostics, €8.2 billion in imaging, and €1.5 billion in advanced therapies. 

The firm sold more than 4.9 million shares of common stock at $15 per share, raising $73.7 million to expand its commercial operations and grow its technology.

The firm plans to use the proceeds to expands its commercial operations, expand its existing technology, and support the launch of its new platform.