* Bookrunning bank says issue fully subscribed
* Price range was lower than initially expected (Adds fund manager comment, details on IPO pricing)
By Alexander Hübner and Ludwig Burger
MUNICH/FRANKFURT, March 7 (Reuters) - German engineering group Siemens has attracted demand for all shares on offer in the initial public offering of its medical imaging and diagnostics business, one of the bookrunners leading the transaction said on Wednesday.
Stock market flotations, however, typically need a book to be at least two times subscribed to be successful.
Siemens announced plans to float the Healthineers business on the Frankfurt stock exchange two weeks ago, putting it on track for a listing in late March in what would be one of Germany’s biggest listings in recent years.
Siemens on Sunday set the price range for the planned IPO, valuing the division at up to 31 billion euros ($38.18 billion), a lower price than expected, with bankers on the deal citing a slight deterioration of market conditions.
A Frankfurt-based fund manager, who has signed up for shares, said the more modest pricing had helped stimulate interest, speaking on condition of anonymity.
“Not to push the upper limits of the offer price, that will stand the stock in good stead on its market debut,” he said.
He said he subscribed for shares at 27 euros, toward the lower end of the 26-31 euro price range.
He cited uncertainty over the market launch of an automated lab diagnostics platform “Atellica”, made by Healthineers, which he said has yet to show mass market viability against rival products by Roche and Abbott.
The offer period is expected to run until March 15. Siemens set the price range for the offering on Sunday, valuing the division at a smaller-than-expected 31 billion euros ($38.5 billion). ($1 = 0.8053 euros) (Additional reporting by Arno Schuetze. Editing by Jane Merriman)