Medtronic's diabetes division MiniMed seeks to raise $784 million through IPO

Investing.com - Medtronic’s diabetes business, MiniMed Group, submitted documents on Tuesday, planning to raise up to $784 million through an initial public offering. According to filings with the U.S. Securities and Exchange Commission, this California-based company plans to issue 28 million shares at a price range of $25 to $28 per share.

Based on the number of shares outstanding listed in the filing, and at the upper end of the price range, MiniMed’s market capitalization would reach approximately $7.86 billion. After the offering, Medtronic will continue to hold 90.03% of the voting rights for shares eligible for board elections. If underwriters exercise their full option to purchase additional shares to cover over-allotments, the ownership stake would be 88.70%.

MiniMed develops, manufactures, and sells diabetes management solutions, including automated insulin delivery systems, continuous glucose monitors (CGMs), smart insulin pens, and related software and services. The company achieved $2.7 billion in revenue in fiscal year 2025, with 80% coming from sales of CGMs, other consumables, software, and services. In fiscal year 2025, revenue outside the U.S. accounted for 67% of total revenue.

In fiscal year 2025, the company reported a net loss of $198 million, with an adjusted EBITDA of $253 million. According to the GlobeVIEW scoreboard published by Seagrove Partners in November 2025, MiniMed is the global leader in insulin pump users, serving over 640,000 pump users across approximately 80 countries as of October 2025.

Goldman Sachs, Bank of America Securities, Citigroup, and Morgan Stanley are serving as lead underwriters for this offering. MiniMed plans to list on the Nasdaq Global Select Market under the ticker symbol “MMED.”

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