MiniMed has set the price for its planned initial public offering (IPO) ahead of an imminent separation from Medtronic (NYSE:MDT).
The Medtronic Diabetes unit’s IPO includes 28 million shares of common stock priced at $20 apiece, amounting to $560 million. Underwriters also have an option to purchase up to 4.2 million additional shares at the same price. Altogether, proceeds could reach up to $644 million if exercised in full.
MiniMed has begun trading on the Nasdaq market under the “MMED” ticker today, March 6, 2026. After shares began trading, they dipped more than 5% to $18.88 apiece in midday trading.
It expects to close the offering on March 9, 2026, subject to customary closing conditions.
The pricing of the IPO comes in slightly lower than previously suggested. In a February amendment to its SEC Form S-1, which it initially filed in late 2025, the figures shared indicated that the IPO could reach up to $784 million.
That amendment stated that MiniMed was 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 have reached that $784 million mark. The IPO prospectus listed the expected net proceeds at approximately $712.3 million, based on the $26.50 midpoint of its price range.
Once completed, Medtronic expects to hold approximately 90.03% of MiniMed, or 88.7% if underwriters exercise all options. MiniMed expects to use a portion of proceeds for general corporate purposes. The remainder, if any, will go toward repaying debt owed to Medtronic and additonal consideration for certain assets transferred in the planned separation of businesses.
The pricing marks the first step in Medtronic’s intended pathway to set MiniMed up as an independently traded company through an IPO with a subsequent split-off.
More details on the ongoing MiniMed split from Medtronic
Medtronic announced in May 2025 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.
The move comes after several years of speculation surrounding the Diabetes unit. Analysts even suggested that it was a candidate for sale or spin as far back as 2021.
Medtronic Diabetes currently features a team of more than 8,000 global employees. It represents 8% of Medtronic revenue and 4% of the company’s segment operating profit in fiscal 2025. Que Dallara, the current EVP and unit president, will be CEO.
On the Medtronic third-quarter earnings call last month, company officials said the separation remains on track for completion at the end of this calendar year. The company also recently confirmed the layoffs of 81 employees as the separation takes shape, saying it wants to “ensure the right structure, capabilities, and scale for the business to succeed.”
As that process continues, the company looks to continue to bolster its portfolio. It submitted the next-generation MiniMed Flex to the FDA during the third quarter. The MiniMed Flex (8 series) pump is smaller than the previous-generation MiniMed 780G, allowing for more discrete placement while still using the same reservoirs and infusion sets. It will also work with both the Simplera Sync and Instinct sensors. The now-confirmed submission fell in line with the company’s plan to submit Flex to the FDA before the end of its fiscal year.
Meanwhile, Medtronic also began a U.S. pivotal study for Vivera, its third-generation algorithm for automated insulin delivery. It also remains set to submit its MiniMed Fit patch pump system to the FDA by the coming fall. The company also recently launched its integrated insulin delivery devices with the Instinct sensor made by Abbott.
