3GPP in Release 17 of the 5G standard (hereafter Rel-17) started standardization development work for reduced capability (RedCap) NR (5G new radio) devices. In this white paper, we provide an overview of the new device type and describe new complexity reduction and power saving features being introduced to support mid-range IoT use cases. In addition, the white paper presents network coverage analysis to show the impact from the introduction of RedCap devices.