World Bulletin / News Desk
Industrial giant Siemens' Healthineers unit is set to make its debut on the Frankfurt stock exchange Friday after the group raised 4.2 billion euros in an initial public offering that came in at the lower end of expectations.
It's in robust health, achieving an operating profit margin of around 18 percent last year and revenues of 13.8 billion euros ($17 billion), second only to Siemens' flagship but troubled power and gas unit.
In a statement late Thursday, Siemens said it had fixed the price for the sale of its 15-percent stake in Healthineers -- equivalent to 150 million shares -- at 28 euros per share, valuing the company at some 28 billion euros.
It had earlier set a price range of 26 to 31 euros.
The flotation comes as the sprawling Siemens conglomerate seeks to become more nimble in response to changing markets and stronger competition.
Last year, it announced a tie-up of its train construction business with French rival Alstom to create a European rail giant, merged its wind energy unit with Spain's Gamesa and unveiled plans to slash some 7,000 energy jobs due to falling global demand for its power plant turbines.
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