Germany's Siemens announced the spin-off of its medical branch Healthineers listed on the Frankfurt Stock Exchange in Germany, which will sell up to 15% of the company's shares, or up to 150 million shares, at a price of 26 to 31 euros per share, raising funds ranging from 3.9 billion to 4.65 billion. Euro ($4.8 billion to $5.7 billion).
This means that its valuation is at most 31 billion euros (38.2 billion US dollars), less than the expected 35 billion euros (43.1 billion US dollars), but this will still be one of Germany's largest IPO projects in recent years. The new shares were offered from March 6 to 15, and the company went public on March 16.
Siemens Healthcare was renamed Siemens Healthineers in 2016 and employs 45,000 people worldwide. In FY2017 (October 2016 to September 2017), the total revenue was 13.8 billion Euros and the profit was 2.49 billion Euros (accounting for 40% of Siemens' total net profit). (TIps: In terms of regions, Healthineers' revenue growth in more than half of FY2017 is from China - FY2017 revenue + 254 million euros)
Revenue mainly comes from the medical imaging department. Nearly two-thirds of the revenue comes from the medical imaging department with global leading position. The revenue growth has reached a historical record and enjoys high gross profit. In addition, 11% of revenue comes from profit. Advanced Therapies with the same strength, specializing in minimally invasive surgery. However, the performance of the two major profit-making departments has been dragged down by the medical diagnosis department, which has resulted in a growth rate of 3.8% for Siemens Health Tech in the past three years. Compared with the global economic growth rate of 2.7% in 2017, it can be said that the performance is not good.
Siemens previously cooperated with M&A to try to boost the performance of the medical industry. In October 2016, Healthineers announced a partnership with IBM to upgrade its medical-related services with IBM's Watson AI Supercomputer. Medical services company Medicalis, Healthineers also launched Atellica, a laboratory equipment product brand in 2017, to challenge this long-standing field dominated by Roche and Abbott Laboratories. Siemens Healthineers have high hopes for Atellica and are working hard on the other hand. Reorganizing the medical diagnosis department, I hope to push the growth rate of revenue to 4% to 6%.
Siemens is planning an IPO to sell the shares of Healthineers. It is not a lack of confidence in the medical industry but to sell assets for cash. In fact, on the contrary, it is hoped that through the listing, the ability to merge and purchase will be strengthened to further expand the territory in the future.
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