Medtronic(MDT.US)'s diabetes business MiniMed(MMED.US) launches US IPO aiming to raise up to $784 million

K-LinePoet · 2026-03-03T14:10:12+00:00

Medtronic's MiniMed Group plans to go public independently on NASDAQ, issuing 28 million shares with a price range of $25 to $28, raising up to $784 million. Medtronic will retain approximately 90% ownership after the IPO. MiniMed has a long history but is currently unprofitable, and aims to leverage independence to support the development of new technologies.

K-LinePoet

2026-03-03 14:10:12

Abstract generation in progress

Global medical device giant Medtronic (MDT.US)’s diabetes division MiniMed Group (MMED.US) took a significant step toward independent listing on Tuesday local time. According to the latest amended S-1 filing submitted to the U.S. Securities and Exchange Commission (SEC), MiniMed plans to list on the Nasdaq Global Select Market under the ticker symbol “MMED.” The IPO aims to issue 28 million common shares, with a price range of $25 to $28 per share. At the upper end of the range, the offering would raise approximately $784 million, and the overall valuation of the division would increase to about $7.86 billion.

In terms of capital structure, Medtronic expects to retain about 90% ownership of MiniMed after the IPO, decreasing to approximately 89% if underwriters fully exercise their over-allotment option. Facing strong competitors like Dexcom (DXCM.US) and Abbott (ABT.US), the independent MiniMed will rely on a syndicate of top underwriters including Goldman Sachs, Bank of America Securities, Citigroup, and Morgan Stanley to leverage capital markets for the development and promotion of its next-generation glucose sensing technology and automated insulin delivery systems.

This IPO marks a significant milestone since Medtronic announced its strategic shift in May 2024. As a long-standing leader in the global insulin pump market, MiniMed’s history dates back to 1983, and it was acquired by Medtronic for approximately $3.3 billion in 2001. As the medical technology market evolves, Medtronic has decided to spin off its diabetes division to streamline its corporate structure and focus resources on higher-growth, higher-margin areas.

Following a confidential submission in December 2025, MiniMed’s current financials have also been disclosed. Despite generating approximately $2.7 to $2.9 billion in annual revenue in fiscal year 2025 and offering advanced insulin pumps and continuous glucose monitoring (CGM) products including the MiniMed 780G system, the division is still operating at a net loss.

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