Medtronic files for IPO of diabetes unit MiniMed

Medtronic plc (NYSE: MDT) filed a registration statement with the U.S. Securities and Exchange Commission for an initial public offering of its diabetes business, which will operate under the name MiniMed, according to a company statement.

The medical device company plans to separate the diabetes unit through capital markets transactions, with an IPO and subsequent split-off as the preferred path. MiniMed intends to list its common stock on the Nasdaq Global Select Market under the ticker symbol MMED.

The number of shares to be offered and the price range have not been determined. The IPO is expected to begin after the SEC completes its review process, subject to market and other conditions.

Goldman Sachs & Co. LLC, BofA Securities, Citigroup and Morgan Stanley will serve as active bookrunners for the offering. Additional joint bookrunning managers include Barclays Capital Inc., Deutsche Bank Securities Inc., Mizuho Securities USA LLC, Wells Fargo Securities, Evercore ISI and Piper Sandler & Co. BTIG, LLC and William Blair & Company, L.L.C. will act as co-managers.

The registration statement has been filed but has not yet become effective. The securities cannot be sold until the registration statement becomes effective.

Medtronic's diabetes business develops continuous glucose monitoring systems, insulin pumps and diabetes management technology. The Ireland-based company employs more than 95,000 people across 150 countries and manufactures medical devices including cardiac devices, surgical robotics and patient monitoring systems.

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