Medtronic Plc's diabetes business MiniMed has launched a US IPO, aiming to raise up to $784 million.

Global medical device giant Medtronic Plc(MDT.US) diabetes business unit MiniMed Group(MMED.US) took a key step towards listing independently on Tuesday local time. According to the company's latest S-1 amended filing with the U.S. Securities and Exchange Commission(SEC), MiniMed plans to list on the Nasdaq Global Select Market with the stock code "MMED". The IPO plans to issue 28 million ordinary shares, priced in the range of $25 to $28 per share. Based on the upper limit of the price range, the financing size of this IPO will reach $784 million, and the overall valuation of this business unit will increase to approximately $7.86 billion. In terms of capital structure arrangement, Medtronic Plc is expected to retain about 90% of MiniMed's equity after this IPO is completed, with a stake of approximately 89% if the underwriters fully exercise the over-allotment option. Faced with strong competitors such as DexCom, Inc. (DXCM.US) and Abbott Laboratories (ABT.US), the independent MiniMed will rely on a syndicate of top investment banks including Goldman Sachs Group, Inc., Bank of America Securities, Citigroup, and Morgan Stanley to leverage the capital market to support the research and promotion of its next-generation blood glucose sensing technology and automated drug delivery system. This IPO marks an important milestone for Medtronic Plc since announcing a strategic adjustment in May 2024. As a long-time leader in the global insulin pump market, MiniMed's business history dates back to 1983 and was acquired by Medtronic Plc for approximately $3.3 billion in 2001. With the evolution of the medical technology market, Medtronic Plc decided to simplify its corporate structure by splitting off the diabetes division to focus core resources on higher-growth, high-profit areas. After a secret filing in December 2025, MiniMed's current financial situation has also been disclosed. Despite generating about $2.7 billion to $2.9 billion in revenue in the 2025 fiscal year and having an advanced insulin pump and continuous glucose monitoring (CGM) product line including the MiniMed 780G system, the business is still in a net loss position.