Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>Healthcare’s relative performance to the S&amp;P 500 is at a historic low.</li><li>According to Bank of America, the sector’s relative forward P/E now sits at roughly 0.8x the S&amp;P 500, down from peaks of 1.4x in the late 1990s.</li><li>To me, it looks like an excellent fishing pond.</li></ul>

Healthcare’s relative performance to the S&amp;P 500 is at a historic low.According to Bank of America, the sector’s relative forward P/E now sits at roughly 0.8x the S&amp;P 500, down from peaks of 1.4x in the late 1990s.To me, it looks like an excellent fishing pond.

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

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

Get Ahead with IPO Insights, IPO Prophet

IPO Prophet

Get Ahead with IPO Insights

At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

Equity Capital Markets

<ul><li>MiniMed Group, Inc.(MMED) , a diabetes technology company with approximately $2.3 billion in fiscal 2024 revenue , began trading on the Nasdaq on March 6, 2026, with a volatile first session that ultimately ended well below the offering price.</li><li>The stock opened at $19.05 , immediately reflecting a modest discount to the $20.00 IPO price and signaling cautious demand from public market investors as trading commenced.</li><li>Shortly after the open, shares attempted to push higher, reaching an intraday high of $20.48 during the early minutes of trading.</li></ul>

MiniMed Group, Inc.(MMED) , a diabetes technology company with approximately $2.3 billion in fiscal 2024 revenue , began trading on the Nasdaq on March 6, 2026, with a volatile first session that ultimately ended well below the offering price.The stock opened at $19.05 , immediately reflecting a modest discount to the $20.00 IPO price and signaling cautious demand from public market investors as trading commenced.Shortly after the open, shares attempted to push higher, reaching an intraday high of $20.48 during the early minutes of trading.

MiniMed Debuts on Nasdaq as IPO Prophet Signals Align With Weak First-Day Trading

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

<ul>
<li>MiniMed priced its IPO at $20, $5 below range, opened below issue, and closed down 7.6%, reflecting weak demand and cautious investor sentiment.</li>
<li>The need to discount the deal highlights a disconnect between underwriters and investors regarding valuation expectations and near-term growth outlook.</li>
<li>Despite the disappointing debut, the reduced valuation level may help stabilize the stock as investors reassess long-term fundamentals.</li>
</ul>


MiniMed priced its IPO at $20, $5 below range, opened below issue, and closed down 7.6%, reflecting weak demand and cautious investor sentiment.
The need to discount the deal highlights a disconnect between underwriters and investors regarding valuation expectations and near-term growth outlook.
Despite the disappointing debut, the reduced valuation level may help stabilize the stock as investors reassess long-term fundamentals.


MiniMed Group, Inc. (MMED): Medtronic Spinoff Falls on First Day Despite Deep IPO Discount

<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

United States

MiniMed Group, Inc. is a medical technology company. The Company develops, manufactures, and markets smart insulin pen, injection port, therapy management, and insulin pump systems for diabetic patients. MiniMed Group operates globally.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

MiniMed Group (MMED US)

Weekly Update (IAC/MGM, OCTV, HOH.V)

Healthcare’s relative performance to the S&P 500 is at a historic low. According to Bank of America, the sector’s relative forward P/E now sits at...

Richard Howe

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 Debuts on Nasdaq as IPO Prophet Signals Align With Weak First-Day Trading

MiniMed Group, Inc. (MMED) , a diabetes technology company with approximately $2.3 billion in fiscal 2024 revenue , began trading on the Nasdaq on...

IPO Prophet

MiniMed Group, Inc. (MMED): Medtronic Spinoff Falls on First Day Despite Deep IPO Discount

MiniMed's IPO priced at $20, below range, reflecting weak demand and cautious investor sentiment, but reduced valuation may stabilize stock as...

IPO Boutique

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Weekly Update (IAC/MGM, OCTV, HOH.V)

Healthcare’s relative performance to the S&P 500 is at a historic low. According to Bank of America, the sector’s relative forward P/E now sits at...

Richard Howe

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 Debuts on Nasdaq as IPO Prophet Signals Align With Weak First-Day Trading

MiniMed Group, Inc. (MMED) , a diabetes technology company with approximately $2.3 billion in fiscal 2024 revenue , began trading on the Nasdaq on...

IPO Prophet

MiniMed Group, Inc. (MMED): Medtronic Spinoff Falls on First Day Despite Deep IPO Discount

​MiniMed's IPO priced at $20, below range, reflecting weak demand and cautious investor sentiment, but reduced valuation may stabilize stock as...

IPO Boutique

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 (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's IPO priced at $20, below range, reflecting weak demand and cautious investor sentiment, but reduced valuation may stabilize stock as...

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