Core Viewpoint - MiniMed has launched an initial public offering (IPO) to strengthen its capital reserves as it separates from parent company Medtronic, with shares expected to be priced between $25 and $28 [1]. Group 1: IPO Details - MiniMed will offer 28 million shares of common stock on the Nasdaq Global Select Market under the ticker "MMED" [1]. - Underwriters will have a 30-day option to purchase up to 4.2 million additional shares at the IPO price minus underwriting discounts and commissions [2]. - Post-IPO, Medtronic will retain ownership of 88.70% to 90.03% of MiniMed's shares, depending on underwriter purchases [2]. Group 2: Financial Use of Proceeds - Medtronic plans to allocate approximately $350 million of the net proceeds from the IPO for general corporate purposes, with the remainder directed towards repaying MiniMed's intercompany debt [3]. - The intercompany debt was incurred after Medtronic transferred assets to MiniMed following their strategic split in May 2025 [3][4]. Group 3: Company Performance - MiniMed reported $2.7 billion in annual revenue for fiscal year 2025, alongside a net loss of $198 million [4]. Group 4: Competitive Positioning - As MiniMed aims to establish itself as a leading diabetes device provider, it faces competition from Abbott Laboratories and Dexcom but may benefit from its comprehensive insulin management ecosystem [5]. - The company has made advancements in its insulin delivery system, MiniMed 780G, which received FDA clearance and Medicare access in February 2026 [6]. Group 5: Future Developments - MiniMed is developing third-generation automated insulin delivery systems, including the MiniMed Flex insulin pump, which has been submitted for FDA approval [7]. - The company anticipates filing for CE mark approval for the insulin pump in Q1 2026 and plans to seek FDA approval for its Fit patch pump in the fall of 2026 [7].
Medtronic’s diabetes business MiniMed looks for $784m in US IPO