MiniMed Group, Inc., a subsidiary of Medtronic plc, has begun a roadshow for an initial public offering of 28 million shares of its common stock, with a proposed price range of $25.00 to $28.00 per share. The company will list on the Nasdaq Global Select Market under the symbol “MMED.”
Medtronic will retain 90.03 % of MiniMed after the offering, or 88.70 % if the underwriters exercise their over‑allotment option. Proceeds will be used for general corporate purposes, to repay intercompany debt, and to provide additional consideration to Medtronic for assets transferred to MiniMed during the separation.
The IPO is part of Medtronic’s broader strategy to simplify its portfolio and focus on high‑margin growth markets. By spinning off its diabetes business, Medtronic aims to unlock value and allow MiniMed to attract dedicated funding for expansion. Medtronic acquired MiniMed about 25 years ago for roughly $3.3 billion; the separation marks a significant shift in the company’s structure.
MiniMed’s business centers on an integrated diabetes management ecosystem that includes insulin pumps, continuous glucose monitors (CGMs), and related software and services. In the 12 months ended October 31 2025, the company generated $2.9 billion in revenue, and $2.7 billion for fiscal year 2025. Despite strong top‑line growth, MiniMed reported a net loss of $196 million on $2.89 billion of revenue for the 12 months ended October 24 2025, and a net loss of $198 million with an adjusted EBITDA of $253 million for fiscal year 2025, indicating that the unit remains unprofitable.
MiniMed’s competitive landscape includes Dexcom and Insulet, which specialize in CGMs or insulin pumps, respectively. MiniMed’s unique advantage lies in offering both pumps and CGMs within a single ecosystem. The unit has faced regulatory concerns related to quality management and cybersecurity in recent years, and it is developing new products such as the MiniMed Flex insulin pump and the MiniMed Fit patch pump. The IPO will be led by Goldman Sachs, BofA Securities, Citigroup, and Morgan Stanley.
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