Medtronic’s MiniMed Targets $784 Mn IPO, Plans Nasdaq Listing Under “MMED”

The IPO marks a key step in Medtronic’s strategy to spin off its diabetes division, which generated approximately $2.8 billion in revenue.

Medtronic’s diabetes spinout MiniMed is seeking to raise to $784 million in an initial public offering, less than a year after announcing plans to separate the business. The company intends to list on Nasdaq under the ticker symbol “MMED,” with a potential valuation of up to $7.86 billion.

MiniMed plans to offer 28 million shares of common stock priced between $25 and $28 per share. Underwriters will have a 30-day option to purchase up to an additional 4.2 million shares at the offering price.

The IPO marks a key step in Medtronic’s strategy to spin off its diabetes division, which generated approximately $2.8 billion in revenue. The company announced the separation last year as part of a broader portfolio simplification effort.

Once public, MiniMed will position itself as a standalone diabetes technology company offering an integrated insulin management ecosystem. Its portfolio includes the MiniMed 780G insulin pump, continuous glucose monitoring systems, and smart insulin pen hardware. At the time of the spinout announcement, Medtronic said the new entity would be the only company providing a complete ecosystem spanning pump therapy, glucose monitoring, and connected insulin delivery tools.

MiniMed employs more than 8,000 people and is headquartered in Northridge, California, near Los Angeles.

The diabetes division was Medtronic’s smallest business segment by revenue. The separation aligns with a broader restructuring strategy that has included the formation of Mozarc Medical, a kidney care joint venture with DaVita in 2023, as well as Medtronic’s exit from the ventilator business the following year.

The IPO would formally establish MiniMed as an independent, publicly traded diabetes technology company, marking a significant restructuring milestone for Medtronic.

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