MiniMed Group, the diabetes-focused subsidiary of Medtronic, filed plans Monday with U.S. regulators to raise approximately $742 million in an initial public offering — the next step in parent Medtronic’s previously announced strategy to spin its diabetes business into a standalone public company.
The Northridge, California-based company plans to offer 28 million shares priced between $25 and $28 each, targeting $742 million at the midpoint, according to its S-1 filing with the Securities and Exchange Commission. Shares are expected to list on Nasdaq under the ticker MMED, with pricing slated for the week of March 2, 2026.
Founded in 1983 and acquired by Medtronic (a global healthcare technology leader with 95,000+ employees across 50+ countries), MiniMed operates in more than 80 countries with an integrated diabetes ecosystem: insulin delivery systems, continuous glucose monitors, proprietary algorithms, and a user-friendly app experience.
“Our vision is to support people with diabetes through innovative, connected solutions that simplify daily management and improve outcomes,” the company stated in the filing.
MiniMed reported roughly $2.9 billion in revenue for the year ended Oct. 31, 2025. Post-IPO, Medtronic will retain approximately 90.04% ownership (88.7% if underwriters exercise their full 30-day over-allotment option for 4.2 million additional shares).
Proceeds will fund general corporate purposes and repay intercompany debt to Medtronic. Cleary Gottlieb Steen & Hamilton LLP and Latham & Watkins LLP advised MiniMed; Davis Polk & Wardwell LLP advised the underwriters.
The spin-off reflects Medtronic’s strategic pivot to unlock value in its high-growth diabetes segment, which faces rising demand amid global diabetes prevalence. MiniMed’s ecosystem aims to address key challenges in insulin therapy — adherence, monitoring, and data-driven adjustments — positioning the company as a leader in connected diabetes care.
