MiniMed closes IPO raising $538 million at $20 per share

MiniMed Group Inc. (NASDAQ: MMED) completed its initial public offering of 28 million shares at $20 per share, the company announced. The shares began trading on the Nasdaq Global Select Market on March 6 under the symbol "MMED."

The offering generated approximately $538 million in net proceeds after deducting underwriting fees and expenses. MiniMed plans to use a portion of the proceeds for general corporate purposes, while the remainder was used to repay intercompany debt owed to Medtronic plc.

Following the IPO closing, Medtronic owns approximately 90.03% of MiniMed's common stock. The company has previously indicated its preferred approach to complete the separation is through a split-off transaction.

Goldman Sachs & Co. LLC, BofA Securities, Citigroup and Morgan Stanley served as active bookrunners for the offering. Additional joint book running managers included Barclays, Deutsche Bank Securities, Mizuho, Wells Fargo Securities, Evercore ISI and Piper Sandler. BTIG and William Blair & Company acted as co-managers.

MiniMed operates as a diabetes management company, providing insulin delivery systems, continuous glucose monitors, algorithms and mobile applications across 80 countries. The company describes itself as developing integrated diabetes care solutions designed to work together as a comprehensive ecosystem.

The offering was conducted through a registration statement on Form S-1 that was filed with and declared effective by the U.S. Securities and Exchange Commission.

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