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

LootboxPhobia · 2026-02-24T23:21:29+00:00

Medtronic's diabetes business unit MiniMed Group has applied for an independent listing on NASDAQ, planning to issue 28 million shares and raise $784 million. Although MiniMed is expected to generate revenue of $2.7 billion to $2.9 billion in fiscal year 2025, it is still operating at a net loss. This IPO marks an important milestone in Medtronic's strategic realignment.

LootboxPhobia

2026-02-24 23:21:29

Abstract generation in progress

Reuters Finance APP has learned that MiniMed Group, the diabetes division of global medical device giant Medtronic (MDT.US), took a significant step toward an independent IPO 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, this would raise approximately $784 million, and the division’s overall valuation 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 investment banks including Goldman Sachs, Bank of America Securities, Citigroup, and Morgan Stanley to help fund the development and promotion of its next-generation blood 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 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 filing in December 2025, MiniMed’s current financial status has also been disclosed. Despite generating approximately $2.7 to $2.9 billion in annual revenue in fiscal year 2025 and offering advanced insulin pumps including the MiniMed 780G system and continuous glucose monitoring (CGM) products, the division is still operating at a net loss.

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