Diabetes specialist MiniMed has launched an initial public offering (IPO) to bolster its capital reserve amid its ongoing split from parent company, Medtronic.
Through this proposed offering, MiniMed will relinquish 28 million shares of its common stock, which are set to be listed on the Nasdaq Global Select Market under the ticker “MMED”. Shares are expected to be priced at between $25 and $28.
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Alongside its initial offering, MiniMed will offer underwriters a 30-day option to buy up to 4.2 million additional shares at the IPO price minus underwriting discounts and commissions.
Once the IPO is completed, Medtronic will own between 88.70% and 90.03% of MiniMed’s shares, depending on how much additional stock the underwriters purchase during the extension period.
Medtronic plans to use approximately $350m of the net proceeds from this IPO for “general corporate purposes”, while the remainder will go towards repaying MiniMed’s owed intercompany debt to Medtronic. These dues were accrued after Medtronic transferred assets to MiniMed following its strategic split in May 2025, which will see the latter become an independent company.
Medtronic accrued these dues after it transferred assets to MiniMed following its strategic split in May 2025, which will see the latter become an independent company.
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By GlobalDataMiniMed generated $2.7bn in annual revenue during fiscal year 2025, with a net loss of $198m, according to an S-1 filing submitted to the US Securities and Exchange Commission (SEC).
MiniMed eyes diabetes dominance
As MiniMed separates from its parent company, the new medtech player is looking at ways to become the go-to diabetes device provider on the market.
While it will face strong competition from companies like Abbott Laboratories and Dexcom, MiniMed could hold an advantage over its rivals due to its complete insulin management ecosystem, including inulin pumps, continuous glucose monitoring (CGM) and dosing algorithms.
MiniMed has been making steps to bolster its portfolio in recent months, with the company’s insulin delivery system, MiniMed 780G recently achieving a trio of milestones in type 2 diabetes – including US Food and Drug Administration (FDA) clearance and Medicare access to the system in February 2026.
This follows 780G’s recent European CE label expansion to children aged two years and above, pregnant people and those with type 2 insulin-requiring diabetes.
According to the S-1 filing, MiniMed also has some third-generation automated insulin delivery (AID) systems in development. This includes the MiniMed Flex insulin pump, which the company has already submitted to the FDA for approval. MiniMed expects to submit the insulin pump for CE mark approval in Q1 2026. The company is also looking to file for the FDA approval of its Fit patch pump with extended wear in the “fall of calendar year 2026”.
According to MiniMed, these moves will drive towards a future where diabetes management can be ‘hands free’.
GlobalData forecasts that the diabetes care device market will reach a value of $33.4bn in 2030 – rising to $53bn in 2035.
