Siemens (NYSE:SI) subsidiary Healthineers yesterday announced plans for a German initial public offering it expects to complete during the first half of 2018.
Parent company Siemens said the IPO will consist of a secondary offering of shares from existing holdings of Siemens and is planned to post on the Regulated Market of the Frankfurt Stock Exchange.
Siemens Healthineers reported sales of $17 billion (EU €13.8 billion) for its fiscal year 2017, with more than 55% of sales logged as recurring.
“Siemens Healthineers is now ready for its market debut. Siemens Healthineers is a premium asset and we have worked hard to now list such an exciting franchise. We expect the business to capitalize on its strengths even more effectively after the listing,” Siemens Healthineers supervisory board chair Michael Sen said in a prepared statement.
Siemens said it plans to retain a majority stake in its Healthineers division in the long term.
“We are in a powerful place to shape the future of healthcare. Becoming a listed company will give us the increased freedom that we need to continue expanding our global leadership. With our Strategy 2025 we are ideally positioned to take advantage of the paradigm shifts in our industry and achieve even more growth,” Siemens Healthineers CEO Bernd Montag said in a press release.
Last month, Siemens Healthineers announced a multi-phase agreement with Florida Hospital to develop outcomes-based collaborative projects.
