US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minimed-group-inc" target="_blank" data-smartkarma-citation="entities:46221:1" rel="noopener">MiniMed (MMED US)</a> went public on 6 March on Nasdaq and has a market cap of $5.2bn.</li>
<li>Partial inclusion in US indices is expected in June 2026, with negligible passive fund demand.</li>
<li>Exclusion from US and Global indices is anticipated due to low float cap and free float.</li>
</ul>



MiniMed (MMED US) went public on 6 March on Nasdaq and has a market cap of $5.2bn.
Partial inclusion in US indices is expected in June 2026, with negligible passive fund demand.
Exclusion from US and Global indices is anticipated due to low float cap and free float.


MiniMed (MMED US): Low Passive Fund Flows Due to Low Float

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>MiniMed seeks $7.0–$7.9B valuation as Medtronic retains 90% ownership post-IPO, supported by strong balance sheet and credit facility.</li>
<li>Only end-to-end Smart Dosing ecosystem spanning CGMs, pumps, algorithms, and software with expanding third-generation pipeline.</li>
<li>Trades below peers on forward EBITDA, though royalty agreements and reimbursement pressures warrant cautious near-term stance.</li>
</ul>


MiniMed seeks $7.0–$7.9B valuation as Medtronic retains 90% ownership post-IPO, supported by strong balance sheet and credit facility.
Only end-to-end Smart Dosing ecosystem spanning CGMs, pumps, algorithms, and software with expanding third-generation pipeline.
Trades below peers on forward EBITDA, though royalty agreements and reimbursement pressures warrant cautious near-term stance.


MiniMed Group, Inc. (MMED): Spin-Off IPO Story of Scale, Recurring Revenue, and Royalty Questions

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>MiniMed, spun-off diabetes business of Medtronic, has filed for an IPO. The company intends to use part of the proceeds from this offering to repay intercompany debt owed to Medtronic.</li>
<li>Despite double-digit revenue growth, MiniMed is currently reporting loss. The company aims to drive profitability by generating more revenue per customer than its competitors using its comprehensive offerings.</li>
<li>Commercially and operationally, MiniMed’s scaled global infrastructure creates a significant barrier to entry. Moreover, robust global user base of 640K entails recurring revenue generation opportunity through selling compatible consumable products.</li>
</ul>


MiniMed, spun-off diabetes business of Medtronic, has filed for an IPO. The company intends to use part of the proceeds from this offering to repay intercompany debt owed to Medtronic.
Despite double-digit revenue growth, MiniMed is currently reporting loss. The company aims to drive profitability by generating more revenue per customer than its competitors using its comprehensive offerings.
Commercially and operationally, MiniMed’s scaled global infrastructure creates a significant barrier to entry. Moreover, robust global user base of 640K entails recurring revenue generation opportunity through selling compatible consumable products.


MiniMed Group Pre-IPO: Broad Portfolio and Global Scale to Drive Profitability

<ul>
<li>MiniMed seeks up to $7.9B valuation, offering 28M primary shares at $25–$28, with trading expected Friday (3/6).</li>
<li>Only fully integrated Smart Dosing platform; flagship 780G and expanding pipeline support differentiation and long-term growth.</li>
<li>FY2025 sales of $2.72B with recent double-digit growth; ~$712M net proceeds to fund cash retention and repay Medtronic debt.</li>
</ul>


MiniMed seeks up to $7.9B valuation, offering 28M primary shares at $25–$28, with trading expected Friday (3/6).
Only fully integrated Smart Dosing platform; flagship 780G and expanding pipeline support differentiation and long-term growth.
FY2025 sales of $2.72B with recent double-digit growth; ~$712M net proceeds to fund cash retention and repay Medtronic debt.


MiniMed Group, Inc. (MMED): Long-Awaited Medtronic Diabetes Spin-Off Sets Terms for IPO

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in minimally invasive surgery products.</li>
<li>This is expected to be one of the largest IPOs in KOSDAQ in 2025.  The IPO price range is from 44,000 won to 55,000 won per share.</li>
<li>LivesMed has commercialized the world's first multi-joint, multi-degree-of-freedom (DOF) technology capable of 90° rotation in all directions.</li>
</ul>


LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in minimally invasive surgery products.
This is expected to be one of the largest IPOs in KOSDAQ in 2025.  The IPO price range is from 44,000 won to 55,000 won per share.
LivesMed has commercialized the world's first multi-joint, multi-degree-of-freedom (DOF) technology capable of 90° rotation in all directions.


United States

Medtronic, PLC develops therapeutic and diagnostic medical products. The Company's principal products include those for bradycardia pacing, tachyarrhythmia management, atrial fibrillation management, heart failure management, heart valve replacement, malignant and non-malignant pain, and movement disorders. Medtronic's products are sold worldwide.

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Medtronic Plc (MDT US)

MiniMed (MMED US): Low Passive Fund Flows Due to Low Float

MiniMed (MMED US) went public on 6 March on Nasdaq and has a $5.2bn market cap, but faces exclusion from major US and Global indices due to low...

Dimitris Ioannidis

MiniMed Group, Inc. (MMED): Spin-Off IPO Story of Scale, Recurring Revenue, and Royalty Questions

MiniMed seeks high valuation in IPO with Medtronic retaining majority ownership, offering comprehensive Smart Dosing ecosystem but facing...

IPO Boutique

MiniMed Group Pre-IPO: Broad Portfolio and Global Scale to Drive Profitability

MiniMed has launched IPO consisting of 28M shares at a price range of $25–28 per share, thereby planning to raise $784M. Potential valuation of the...

Tina Banerjee

MiniMed Group, Inc. (MMED): Long-Awaited Medtronic Diabetes Spin-Off Sets Terms for IPO

MiniMed aims for a $7.9B valuation through a primary share offering, highlighting their Smart Dosing platform and strong sales growth projections.

IPO Boutique

LivsMed IPO Preview

LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MiniMed (MMED US): Low Passive Fund Flows Due to Low Float

​MiniMed (MMED US) went public on 6 March on Nasdaq and has a $5.2bn market cap, but faces exclusion from major US and Global indices due to low...

Dimitris Ioannidis

MiniMed Group, Inc. (MMED): Spin-Off IPO Story of Scale, Recurring Revenue, and Royalty Questions

​MiniMed seeks high valuation in IPO with Medtronic retaining majority ownership, offering comprehensive Smart Dosing ecosystem but facing...

IPO Boutique

MiniMed Group Pre-IPO: Broad Portfolio and Global Scale to Drive Profitability

MiniMed has launched IPO consisting of 28M shares at a price range of $25–28 per share, thereby planning to raise $784M. Potential valuation of the...

Tina Banerjee

MiniMed Group, Inc. (MMED): Long-Awaited Medtronic Diabetes Spin-Off Sets Terms for IPO

​MiniMed aims for a $7.9B valuation through a primary share offering, highlighting their Smart Dosing platform and strong sales growth projections.

IPO Boutique

LivsMed IPO Preview

LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in...

Douglas Kim

MiniMed (MMED US) went public on 6 March on Nasdaq and has a $5.2bn market cap, but faces exclusion from major US and Global indices due to low...

MiniMed seeks high valuation in IPO with Medtronic retaining majority ownership, offering comprehensive Smart Dosing ecosystem but facing...

MiniMed aims for a $7.9B valuation through a primary share offering, highlighting their Smart Dosing platform and strong sales growth projections.