Engineering group Siemens’ initial public offering of healthcare unit Siemens Healthineers is on track for March 2018, and is expected to be valued at between $40 and $50 billion.

The arm of Siemens, which specialises in imaging and diagnostic equipment used in hospitals, is set to float on the Frankfurt Stock Exchange and is likely to be one of the largest public offerings in Germany. Whilst the exact size of the IPO hasn’t been confirmed, Chief Executive Officer Joe Kaeser is looking to unload around 25 percent of the business; and with Healthineers’ annual revenue of around €14 billion, it is likely to be worth up to 40 billion euros.

All proceeds from the Healthineers IPO will go to parent company Siemens, the group said in a statement on Monday.

“Siemens Healthineers is a premium asset and we have worked hard to now list such an exciting franchise,” said Michael Sen, chairman of the health unit’s supervisory board and member of the Siemens management board.

“We expect the business to capitalize on its strengths even more effectively after the listing.”