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Healthineers: A Strategic IPO
Harris, Robert S.; Holtz, Paul Case F-1881 / Published May 16, 2019 / 15 pages. Collection: Darden School of Business
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Product Overview

This case covers the initial public offering (IPO) of the Siemens subsidiary Healthineers. The March 2018 offering of the health care technology firm was heavily anticipated on the Frankfurt Stock Exchange, and was Germany’s largest IPO in more than 20 years. Healthineers was one of Siemens’ most successful businesses, and its management board had a keen interest in its long-term success and in the valuation that financial markets would place on the company. The case allows students to learn about the IPO process, understand Siemens’ strategic rationale, and estimate the value of Healthineers.



Learning Objectives

Explore the global health care market and the role of Healthineers in it. Understand why Siemens (a conglomerate) might benefit from an IPO of Healthineers. Learn about the IPO process in a global context. Estimate values for Healthineers using a variety of approaches (multiples, discounted cash flow, and sum-of-the-parts valuation) and with data from a range of potentially comparable companies.


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  • Overview

    This case covers the initial public offering (IPO) of the Siemens subsidiary Healthineers. The March 2018 offering of the health care technology firm was heavily anticipated on the Frankfurt Stock Exchange, and was Germany’s largest IPO in more than 20 years. Healthineers was one of Siemens’ most successful businesses, and its management board had a keen interest in its long-term success and in the valuation that financial markets would place on the company. The case allows students to learn about the IPO process, understand Siemens’ strategic rationale, and estimate the value of Healthineers.

  • Learning Objectives

    Learning Objectives

    Explore the global health care market and the role of Healthineers in it. Understand why Siemens (a conglomerate) might benefit from an IPO of Healthineers. Learn about the IPO process in a global context. Estimate values for Healthineers using a variety of approaches (multiples, discounted cash flow, and sum-of-the-parts valuation) and with data from a range of potentially comparable companies.