MiniMed prices IPO at $20 per share, raising $560 million

MiniMed Group, Inc., a subsidiary of Medtronic plc (NYSE: MDT), announced the pricing of its initial public offering at $20.00 per share for 28 million shares of common stock. The offering is expected to raise $560 million before fees and expenses.

The shares are scheduled to begin trading on the Nasdaq Global Select Market on March 6, 2026, under the ticker symbol "MMED." The offering is expected to close on March 9, 2026, subject to customary closing conditions.

MiniMed granted underwriters a 30-day option to purchase up to 4.2 million additional shares at the initial public offering price, less underwriting discounts and commissions. Upon completion of the IPO, Medtronic will retain approximately 90.03% ownership of MiniMed, or 88.70% if the underwriters exercise their over-allotment option in full.

The company stated it intends to use a portion of the net proceeds for general corporate purposes. The remainder will be used to repay intercompany debt owed to Medtronic and as additional consideration to Medtronic for certain assets transferred to MiniMed in the separation.

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

MiniMed operates as a global provider of insulin delivery systems and continuous glucose monitors, serving customers in 80 countries. The company has been developing diabetes management technologies for over 40 years.

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