Siemens, Europe’s largest industrial conglomerate, plans to list its €40bn medical solutions division in Frankfurt, setting the stage for Germany’s largest initial public offering in more than two decades.
The Munich-based group on Wednesday chose Frankfurt over New York for the listing of Healthineers, an imaging and diagnostics business. The supervisory board’s decision to list there — probably in the first half of 2018 — is a coup for Deutsche Börse, which has often been overshadowed in the race for large listings by New York, London and Hong Kong.
As part of the IPO, Siemens is expected to sell a minority stake of up to 25 per cent. That would make it Germany’s biggest listing since Deutsche Telekom’s $13bn IPO in 1996, according to Dealogic.