Less than a year after unveiling plans to spin off its diabetes division, Medtronic has confirmed it is seeking to raise US$784 million through an initial public offering of its MiniMed business.
The company intends to offer 28 million ordinary shares at an expected price range of US$25 to US$28 per share.
Underwriters will be granted a 30-day option to purchase up to a further 4.2 million shares at the IPO price.
Once listed, the newly independent company will trade on the Nasdaq under the ticker symbol “MMED”, implying a potential valuation of as much as US$7.86 billion.
Medtronic announced last year that it would separate its US$2.8 billion diabetes unit to create what it described as the only company in the sector to offer a fully integrated insulin management ecosystem.
The business centres on the MiniMed 780G insulin pump, alongside its continuous glucose monitoring systems and smart insulin pen technology.
The diabetes division employs more than 8,000 people and is headquartered in Northridge, California, near Los Angeles.
As the group’s smallest segment by revenue, the spin-off forms part of a wider strategy to streamline Medtronic’s portfolio.
That restructuring has included the formation of kidney care-focused joint venture Mozarc Medical with DaVita in 2023, as well as the company’s exit from the ventilator market the following year.
