MiniMed Group, the diabetes-focused business unit of Medtronic, filed Tuesday with the U.S. Securities and Exchange Commission to raise as much as $784 million in an initial public offering. The Northridge, California-based company proposes to offer 28 million shares at a price range of $25 to $28 per share, according to the SEC filing.
At the upper bound of the indicated price range, MiniMed would carry an implied market capitalization of roughly $7.86 billion, based on the number of outstanding shares disclosed in the filing. The paperwork also specifies that Medtronic would retain substantial voting influence after the offering; the parent would hold 90.03% of the voting power of MiniMed’s shares eligible to vote for directors. That figure would decline slightly to 88.70% if underwriters exercise their full option to purchase additional shares to cover any over-allotments.
MiniMed’s product portfolio centers on technologies and services for diabetes management. The filing lists automated insulin delivery systems, continuous glucose monitors (CGMs), smart insulin pens, and related software and service offerings as the company’s primary lines. In fiscal year 2025 the unit reported $2.7 billion in revenue, with 80% of that total derived from sales of CGMs, consumable products, software, and services. The filing further notes that 67% of MiniMed’s fiscal 2025 revenue came from markets outside the United States.
Despite the revenue scale, MiniMed recorded a net loss of $198 million in fiscal year 2025. On an adjusted basis, the company reported Adjusted EBITDA of $253 million for the same period.
The filing highlights MiniMed’s global position in insulin pump therapies. Citing Seagrove Partners’ November 2025 GlobeVIEW Scoreboard, the company said it was the global leader in insulin pumps by users, servicing more than 640,000 pump users in approximately 80 countries as of October 2025.
Goldman Sachs, BofA Securities, Citigroup, and Morgan Stanley are named as the lead managers for the offering. MiniMed intends to list its shares on the Nasdaq Global Select Market under the ticker symbol "MMED."
Summary: MiniMed Group filed to raise up to $784 million in an IPO, offering 28 million shares at $25 to $28 each. The filing discloses the company’s fiscal 2025 revenue of $2.7 billion, a net loss of $198 million, Adjusted EBITDA of $253 million, and Medtronic’s retained voting power of 90.03% (88.70% if over-allotments are purchased).
Key points:
- Offering details: 28 million shares priced $25 to $28, targeting up to $784 million in proceeds.
- Business mix and scale: $2.7 billion in fiscal 2025 revenue, with 80% from CGMs, consumables, software, and services and 67% generated outside the U.S.
- Ownership and governance: Medtronic will maintain dominant voting control post-offering, holding over 88% of voting power even if underwriters exercise over-allotment options.
Risks and uncertainties:
- Profitability - The unit reported a net loss of $198 million in fiscal 2025, underscoring ongoing challenges in achieving GAAP profitability.
- Concentrated revenue exposure - Two-thirds of fiscal 2025 revenue came from international markets, which could affect performance depending on regional conditions.
- Limited public voting influence - Medtronic’s retention of the vast majority of voting power could limit minority shareholders’ influence over corporate governance.