Siemens (SIE.TI) yesterday set the range for the initial public offering of a stake in its Healthineers business that would fetch about $4.28 billion at the midpoint.

The German industrial conglomerate said it plans to offer 150 million shares – about a 15% stake – at €26 to €31 apiece (about $32.01 to $38.17), for a range of €3.90 billion to €4.65 billion (roughly $4.80 billion to $5.73 billion). The offering, set to begin tomorrow on the Frankfurt Stock Exchange, would value Siemens’ healthcare at a lower-than-expected €26.0 billion to €31.0 billion; the consensus expectation was for a Healthineers enterprise value of about €35.0 billion.

When it announced the IPO last month, Siemens said it plans to retain a majority stake in its Healthineers division in the long term. The division reported sales of €13.8 billion for fiscal 2017.

SIE shares were up 0.8% to €104.50 apiece today in Frankfurt.

($1 = €0.812057)