MiniMed Group, Inc., a business unit of Medtronic plc (MDT), has set the price for its initial public offering at $20.00 per share. The offering covers 28.0 million shares of common stock and is projected to generate $560 million in proceeds before deductions for underwriting fees and offering expenses.
The shares are scheduled to commence trading on the Nasdaq Global Select Market on March 6, 2026, using the ticker symbol "MMED." The offering is expected to reach closing on March 9, 2026, subject to the usual closing conditions that apply to equity transactions of this type.
Overallotment and ownership position
MiniMed has granted the underwriters a 30-day option to buy up to an additional 4.2 million shares at the IPO price, less underwriting discounts and commissions. If the underwriters exercise this over-allotment option in full, Medtronic's ownership stake in MiniMed would decrease to approximately 88.70%. Without full exercise of that option, Medtronic is expected to retain roughly 90.03% ownership after the offering.
Use of proceeds
The company indicated it intends to allocate a portion of the net proceeds to general corporate purposes. The remainder of the proceeds will be applied to repay intercompany debt that MiniMed owes to Medtronic and will serve as additional consideration to Medtronic for certain assets transferred to MiniMed as part of the separation.
Underwriting group
Goldman Sachs & Co. LLC, BofA Securities, Citigroup and Morgan Stanley are acting as the active bookrunners for the offering. Additional joint book running managers named by the company are Barclays, Deutsche Bank Securities, Mizuho, Wells Fargo Securities, Evercore ISI and Piper Sandler. BTIG and William Blair & Company, L.L.C. are listed as co-managers.
Business overview
MiniMed operates globally as a provider of insulin delivery systems and continuous glucose monitoring devices, serving customers across 80 countries. The company notes it has been involved in developing diabetes management technologies for over 40 years.
This transaction positions MiniMed as a separately listed entity while leaving Medtronic as the controlling shareholder. Detailed timing, the potential effect of any overallotment exercise and the allocation of net proceeds are disclosed by the company as part of the offering process.