Less than a year after announcing the spinout of its diabetes division, Medtronic says it is seeking $784 million in an initial public offering for the MiniMed business.
The company plans to sell 28 million shares of common stock at an expected price of $25 to $28 per share. Underwriters will have a 30-day option to buy up to an additional 4.2 million shares at the offering price.
The newly public company will trade on the Nasdaq under the symbol “MMED” with a potential valuation of up to $7.86 billion.
Medtronic announced plans last year to spin off its $2.8 billion diabetes business and form what it said would be the only player in the space offering a complete insulin management ecosystem, featuring the MiniMed 780G pump as well as the company’s continuous glucose monitors and smart insulin pen hardware.
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The diabetes division has more than 8,000 employees and is headquartered in Northridge, California, outside Los Angeles.
The diabetes division was Medtronic’s smallest segment by revenue, and the spinout comes as the company simplifies its portfolio. That effort included the creation of the kidney-care-focused Mozarc Medical joint venture with DaVita in 2023 and an exit from the ventilator business a year later.
