Medtronic Spinoff MiniMed Raises $560M in Nasdaq IPO

MiniMed, the diabetes technology business spun out from Medtronic, priced its initial public offering at $20 per share, selling 28 million shares to raise about $560 million. The company began trading on the Nasdaq under the ticker MMED on March 6.

The IPO values MiniMed at roughly $5 billion to $5.6 billion, with underwriters holding an option to purchase up to 4.2 million additional shares.

Now operating as an independent company, MiniMed plans to expand its diabetes technology portfolio, including insulin pumps and continuous glucose monitors. Medtronic will retain about 90% ownership following the listing, but the IPO is a key step in its strategy to separate its diabetes business and focus more heavily on higher-margin segments.