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BERLIN (Reuters) - German engineering group Siemens SIEGn.DE set the price range for the planned initial public offering (IPO) of its medical imaging and diagnostics business on Sunday, valuing the division at a smaller than expected 31 billion euros ($38.18 billion).

Siemens announced plans to float Healthineers 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 plans to sell up to 15 percent of the division -- or a maximum of 150 million shares -- at a price range of between 26 euros and 31 euros per share, it said on Sunday.

That would bring the parent proceeds of between 3.9 billion euros and 4.65 billion euros ($4.8 billion-$5.7 billion).

The IPO had been expected to value the maker of medical imaging and diagnostics gear at about 35 billion euros.

Siemens is expected to publish the listing prospectus on Monday.

Investment banks Goldman Sachs GS.N, Deutsche Bank DBKGn.DE and JP Morgan JPM.N will act as joint global coordinators, helped by BNP Paribas BNPP.PA, BofA Merrill Lynch BAC.N, Citigroup C.N and UBS UBSG.S.

The offer period is expected to run from March 6-15.

($1 = 0.8119 euros)