March 5 (Reuters) – MiniMed, the diabetes business of medical device maker Medtronic, said on Thursday it has raised $560 million in its U.S. initial public offering.
The diabetes care company, which makes insulin pumps, glucose monitors and sensors, priced 28 million shares at $20 each, well below its marketed $25-$28 price range.
Medtronic, which has a market capitalization of roughly $119.4 billion, announced last year that it would separate the business to simplify its portfolio and concentrate on higher-margin growth markets.
The offering valued MiniMed at $5.61 billion, based on the number of common shares outstanding listed in its IPO prospectus.
The company intends to use a portion of the net proceeds from this offering for general corporate purposes.
The IPO comes amid a volatile market for new listings, with companies continuing to test investor appetite despite market uncertainty stemming from the conflict in the Middle East and concerns over potential AI disruption.
Stronger IPO activity typically coincides with bull markets and greater investor appetite for risk.
MiniMed was founded in 1983 by Alfred E. Mann with a goal to make diabetes care wearable and consumer-focused. Medtronic had bought the business nearly 25 years ago in a deal valued at about $3.3 billion.
The company was the first to create a pager-sized portable insulin pump, a continuous glucose monitor (CGM) used by physicians, and a wearable insulin pump integrated with a CGM.
The unit has faced challenges in recent years due to regulatory concerns over quality management and cybersecurity issues tied to some of its devices, but has since returned to growth.
It generated $2.7 billion in annual revenue in full-year 2025.
Goldman Sachs, BofA Securities, Citigroup and Morgan Stanley are the active bookrunners of the offering.
MiniMed will begin trading on the Nasdaq on Friday under the ticker symbol “MMED”.
(Reporting by Manya Saini in Bengaluru and Carlos Méndez in Mexico City; Editing by Sumana Nandy and Sahal Muhammed)
Comments