Buffeted by threats of a trade war and market jitters over the political gridlock in Italy, Siemens set an unexpectedly low target price range for its flotation of its medical technology unit. But investors don’t seem deterred.
Shares in Healthineers are already two times oversubscribed ahead of Friday’s IPO with Siemens aiming for an issue price of €28 ($34.7) to €29, financial sources told Handelsblatt. That would be in the middle of the hastily adjusted price range of €26-31 the company announced following President Donald Trump’s announcement of import tariffs and the inconclusive Italian elections on March 4.
But it’s still shaping up to be one of the five biggest IPOs ever in Germany. Siemens plans to sell up to 15 percent – a maximum of 150 million shares – of Healthineers, whose products include X-ray, CT and MRI scanning machines.