Medtronic Diabetes Unit MiniMed Seeks $784 Million in US IPO

Avalon Pernell

Wed, February 25, 2026 at 2:02 AM GMT+9 2 min read

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(Bloomberg) – MiniMed Group Inc., a diabetes management firm that will be separated from health-care giant Medtronic Plc, is seeking to raise as much as $784 million in an initial public offering.

The Northridge, California-based firm plans to market 28 million shares for $25 to $28 each, according to its filing Tuesday with the US Securities and Exchange Commission. The IPO is expected to price March 5, an investor presentation shows.

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At the top end of the price range, MiniMed would have a market value of about $7.86 billion, based on the outstanding shares listed in the filing.

MiniMed’s listing is set to add to a revival in health-care related IPOs, after offerings in the sector raised $10.9 billion on US exchanges last year, nearly two thirds more than in 2024, data compiled by Bloomberg show.

Aktis Oncology Inc., a clinical-stage biotechnology company focused on using so-called radiopharmaceuticals for treatments, raised about $365 million in its January trading debut. EQT Life Sciences-backed AgomAb Therapeutics NV raised $200 million in a listing this month, and cancer-drug developer Eikon Therapeutics Inc. raised about $381 million in its first-time share sale.

The diabetes company’s separation comes after operating as part of Medtronic for nearly 25 years. MiniMed sells a full ecosystem of automated insulin pumps, continuous glucose monitors and smart insulin pens, according to a letter from Chief Executive Officer Que Dallara.

MiniMed incurred a net loss of $21 million on revenue of $1.5 billion for the six months ended Oct. 24, compared with a net loss of $23 million on revenue of $1.3 billion in the corresponding period a year earlier, the filing shows.

Medtronic announced plans to separate the business in May, with the device heavyweight continuing to own at least 80.1% of the voting power, a previous filing shows. Following the IPO, Medtronic plans to distribute its MiniMed shares to investors in a generally tax-free way that may be structured as a spin-off.

MiniMed also expects to use part of the proceeds to repay intercompany debt owed to Medtronic, a previous filing showed.

Goldman Sachs Group Inc., Bank of America Corp., Citigroup Inc. and Morgan Stanley are leading the offering. The company expects its shares to trade on the Nasdaq Global Select Market under the symbol MMED.

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–With assistance from Bailey Lipschultz and Bre Bradham.

(Updates in second paragraph with pricing date.)

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