In an amendment to an SEC filing, Medtronic’s (NYSE:MDT) Diabetes unit, MiniMed, today shared more details on its planned initial public offering (IPO).
Medtronic announced in May that it planned to separate the Diabetes unit into a standalone, publicly traded company. In that announcement, the company projected the separation within the next 18 months.
It expects to complete the separation from Medtronic through a series of capital markets transactions. The company has the preferred path of an IPO and subsequent split-off. MiniMed plans to list its common stock on the Nasdaq market under the “MMED” ticker.
The company today filed an amendment to its SEC Form S-1, which it initially filed in late 2025. Its amendment includes the pricing of the IPO, which could reach up to $784 million. MiniMed is offering 28 million shares of common stock, priced between $25 and $28 apiece. If purchased at the $28 price point, the total proceeds of the IPO would reach that $784 million mark.
MiniMed also included a 30-day option to purchase up to 4.2 million additional shares. That could take the IPO over $900 million, if exercised.
In the company’s prospectus, it lists the expected net proceeds at approximately $712.3 million, based on the $26.50 midpoint of its price range. As part of its separation, MiniMed intends to retain an amount of its IPO proceeds to ensure that it has about $350 million in cash on hand. It intends to use that cash on hand for general corporate purposes.
Excess net proceeds could go toward intercompany debt owed to Medtronic under a note. Other uses could include additional consideration to an affiliate of Medtronic for certain assets transferred in the separation.
Upon completion of the IPO, Medtronic will hold approximately 90.03% of MiniMed (or 88.70% if the underwriters exercise their over-allotment option in full).
