MiniMed Group, a carve-out of Medtronic's diabetes management devices and technology business, raised $560 million by offering 28 million shares at $20, below the range of $25 to $28. At the pricing, the company commands a market cap of $5.6 billion.
Being carved out of Medtronic, MiniMed focuses on integrated diabetes management, including insulin delivery devices, continuous glucose monitors (CGMs), infusion sets, reservoirs, pen systems, and related software and services. The company’s user base exceeds 640,000 individuals on insulin pumps as of October 2025 and its CGM attachment rate reached 65% in the six months ended October 24, 2025 (versus 58% in the prior period). Approximately 83% of total revenue is generated by CGMs, other consumables, software, and services, which reflects the durability of its recurring sales model.
MiniMed Group plans to list on the Nasdaq under the symbol MMED. Goldman Sachs, BofA Securities, Citi, Morgan Stanley, Barclays, Deutsche Bank, Mizuho Securities, Wells Fargo Securities, Evercore ISI, and Piper Sandler acted as joint bookrunners on the deal.
