Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<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

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Equity Bottom-Up

<ul><li>MiniMed Group, Inc ., the diabetes business being separated from Medtronic, has filed to go public in an offering that could raise approximately $728 million .</li><li>The company plans to offer 28,000,000 shares at a proposed price range of $25.00 to $28.00 per share and intends to list on the Nasdaq Global Select Market under the ticker “MMED.” At the midpoint price of $26.50 and based on approximately 280.8 million shares expected to be outstanding following the offering, MiniMed would carry an implied market capitalization of roughly $7.4 billion.</li><li>Goldman Sachs, BofA Securities, Citigroup, and Morgan Stanley are leading the deal.</li></ul>

MiniMed Group, Inc ., the diabetes business being separated from Medtronic, has filed to go public in an offering that could raise approximately $728 million .The company plans to offer 28,000,000 shares at a proposed price range of $25.00 to $28.00 per share and intends to list on the Nasdaq Global Select Market under the ticker “MMED.” At the midpoint price of $26.50 and based on approximately 280.8 million shares expected to be outstanding following the offering, MiniMed would carry an implied market capitalization of roughly $7.4 billion.Goldman Sachs, BofA Securities, Citigroup, and Morgan Stanley are leading the deal.

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IPOs and Secondary Offerings

<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

<ul>
<li>Medtronic spinoff with $2.7B FY2025 revenue, global footprint, and blue-chip underwriters targeting a potential Q1 IPO.</li>
<li>Only fully integrated Smart Dosing ecosystem, strengthening competitive moat and positioning the story well for public-market investors.</li>
<li>Exposure to a $18B+ diabetes market growing 10%+ CAGR, with next-generation AID launches supporting an attractive Q1 IPO thesis.</li>
</ul>


Medtronic spinoff with $2.7B FY2025 revenue, global footprint, and blue-chip underwriters targeting a potential Q1 IPO.
Only fully integrated Smart Dosing ecosystem, strengthening competitive moat and positioning the story well for public-market investors.
Exposure to a $18B+ diabetes market growing 10%+ CAGR, with next-generation AID launches supporting an attractive Q1 IPO thesis.


MiniMed Group, Inc. (MMED): Peeking at the IPO Prospectus of Medtronic's Diabetes Spin-Off

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<ul><li>Medtronic (MDT) announced an exchange offer on September 14, 2026 whereby investors can exchange their MDT shares for shares of MiniMed (MMED), Medtronic’s diabetes spin-off.</li><li>This is now an official recommendation.</li><li>I have already bought MDT shares and plan to buy more today.</li></ul>

Medtronic (MDT) announced an exchange offer on September 14, 2026 whereby investors can exchange their MDT shares for shares of MiniMed (MMED), Medtronic’s diabetes spin-off.This is now an official recommendation.I have already bought MDT shares and plan to buy more today.

Buy 99 Shares of MDT. MMED/MDT Exchange Offer – Special Situation

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.

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MiniMed Group (MMED US)

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MiniMed Group, Inc ., the diabetes business being separated from Medtronic, has filed to go public in an offering that could raise approximately...

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

IPO Boutique

MiniMed Group, Inc. (MMED): Peeking at the IPO Prospectus of Medtronic's Diabetes Spin-Off

Medtronic spinoff poised for Q1 IPO with $2.7B revenue, global presence, and innovative Smart Dosing ecosystem targeting the growing diabetes market.

IPO Boutique

Buy 99 Shares of MDT. MMED/MDT Exchange Offer – Special Situation

Medtronic (MDT) announced an exchange offer on September 14, 2026 whereby investors can exchange their MDT shares for shares of MiniMed (MMED),...

Richard Howe

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52-week Range

Market Cap (USDm)

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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 Launches IPO

MiniMed Group, Inc ., the diabetes business being separated from Medtronic, has filed to go public in an offering that could raise approximately...

IPO Prophet

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

MiniMed Group, Inc. (MMED): Peeking at the IPO Prospectus of Medtronic's Diabetes Spin-Off

​Medtronic spinoff poised for Q1 IPO with $2.7B revenue, global presence, and innovative Smart Dosing ecosystem targeting the growing diabetes market.

IPO Boutique

Buy 99 Shares of MDT. MMED/MDT Exchange Offer – Special Situation

Medtronic (MDT) announced an exchange offer on September 14, 2026 whereby investors can exchange their MDT shares for shares of MiniMed (MMED),...

Richard Howe

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

Medtronic spinoff poised for Q1 IPO with $2.7B revenue, global presence, and innovative Smart Dosing ecosystem targeting the growing diabetes market.