Siemens’ healthcare division, Siemens Healthineers, began trading on Germany’s stock exchange last week, raising $5.2 billion (4.2 billion euros) by selling 15 percent of the company. Shares were issued at 28 euros each but opened at 29.10 euros each. The initial public offering (IPO) has been in the works for months, with numerous reports indicating it could occur by the end of March. This is widely viewed as one of the biggest public equity offerings in the history of Germany’s stock market.
Technical difficulties with Deutsche Boerse’s trading platform delayed the launch by more than an hour. Bernd Montag, Siemens Healthineers CEO, said in an interview with CNBC that it ultimately “didn’t make a big difference and we are happy that we made it anyway.”
The IPO is designed to help Siemens Healthineers fund future acquisitions and investments.