MiniMed (MMED Proposed), a Medtronic spin-off, pulled back the curtain early today on its IPO. The Northridge, California-based company – a pioneer in diabetic care with its wearable automated insulin pump and other devices – is offering 28 million shares at a price range of $25.00 to $28.00 to raise $742 million, if priced at the $26.50 mid-point of its range. MiniMed would have a market cap of about $7.44 billion. This is a NASDAQ listing.
Goldman Sachs, BofA Securities, Citigroup and Morgan Stanley are the lead joint book-runners.
Bankers plan to price MiniMed’s IPO next week. (Please see our IPO Calendar for the date.)
Medtronic will still control MiniMed after the IPO.
MiniMed, founded in 1983 by Alfred E. Mann, is known as a pioneer in diabetes care for its wearable automated insulin pumps, continuous glucose monitors (CGMs) and smart insulin pens – a business that generated about $2.7 billion in annual revenue in fiscal year 2025 with recent double-digit growth, according to the prospectus.
MiniMed is not profitable: Net loss of $196 million on revenue of $2.89 billionfor the 12 months that ended Oct. 24, 2025, according to financial statements in the prospectus.
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