Medtronic Diabetes Business MiniMed Raises $560 Mn in U.S. IPO

MiniMed develops diabetes care technologies, including glucose monitors and sensors used in patient management.

MiniMed, the diabetes business of medical device maker Medtronic, has raised $560 million through its initial public offering in the United States.

The company priced 28 million shares at $20 each, at the lower end of its previously indicated $25 to $28 per share range.

MiniMed develops diabetes care technologies, including insulin pumps, glucose monitors and sensors used in patient management.

Medtronic, which has a market capitalisation of approximately $119.4 billion, had announced last year that it would separate the diabetes business as part of efforts to simplify its portfolio and focus on higher margin growth markets.

Based on the number of common shares outstanding listed in its IPO prospectus, the offering valued MiniMed at $5.61 billion.

The listing comes during a period of volatility in the market for new public offerings, with companies continuing to test investor appetite amid uncertainty linked to the conflict in the Middle East and concerns related to potential artificial intelligence disruption.

Stronger activity in the IPO market typically occurs during bull markets when investor appetite for risk tends to increase.

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