Medtronic‘s (NYSE:MDT) diabetes unit, MiniMed Group, filed for a U.S. initial public offering (IPO) on Friday, as part of its separation from the medical devices maker.
The Northridge, California-based company reported a net loss of $21 million on net sales of $1.48 billion in the six months ended October 24, compared with a net loss of $23 million on net sales of $1.3 billion a year earlier, according to a regulatory filing with the U.S. Securities and Exchange Commission (SEC).
Medtronic To Retain Majority Voting Stock
MiniMed said that part of the proceeds from the IPO would be used to repay intercompany debt owed to Medtronic, with the remainder set aside for general corporate purposes.
The company, which makes insulin delivery devices and glucose monitors, was bought by Medtronic in a nearly $3.3 billion deal in 2001. In May, Medtronic said it planned to spin off its diabetes business through an IPO.
“We are proud and grateful for our Medtronic chapter. It allowed us to build deep expertise, scale globally, and improve the lives of millions of people across more than 80 countries,” CEO Que Dallara said in a letter included in the SEC filing on Friday.
Medtronic will own at least 80.1% of the voting stock for MiniMed once the IPO is complete. It plans to distribute all or part of its stake to Medtronic shareholders via either a spin-off or a split-off.
Goldman Sachs, BofA Securities, Citigroup, and Morgan Stanley are the lead underwriters for the IPO, and MiniMed said it will list on the Nasdaq under the symbol “MMED”.
See also: Medtronic Scores FDA Win As Hugo Surgical Robot Enters 230,000 Urology Procedure Market
IPO Market Gains Steam
After a shaky start to the year due to uncertainty about the Trump administration’s ‘Liberation Day’ tariffs and consequent stock market volatility, along with a temporary government shutdown that also halted trading, IPO activity seems to be picking up.
This week, medical supply giant Medline (NASDAQ:MDLN) jumped over 40% in its Nasdaq debut in the biggest IPO of the year globally, that raised $6.26 billion.
Earlier this month, New York Stock Exchange President Lynn Martin said 2026 is shaping up to be a breakout year for public offerings, with January and the first quarter expected to be especially active.
READ NEXT:
Image via Shutterstock
Recent Comments