WASHINGTON (dpa-AFX) - MiniMed Group Inc., a subsidiary of Medtronic plc (MDT), announced the pricing of its initial public offering of 28 million shares of its common stock at a price to the public of $20.00 per share.
The shares are expected to begin trading on the Nasdaq Global Select Market on March 6, 2026, under the symbol 'MMED.' The offering is expected to close on March 9, 2026, subject to customary closing conditions.
MiniMed has granted the underwriters a 30-day option to purchase up to 4.20 million additional shares of common stock at the initial price to the public, less underwriting discounts and commissions.
Upon completion of the IPO, Medtronic is expected to hold approximately 90.03% of MiniMed, or 88.70% if the underwriters exercise their over-allotment option in full.
MiniMed intends to use a portion of the net proceeds from the offering for general corporate purposes, with the remainder, if any, allocated to repaying intercompany debt owed to Medtronic and as additional consideration to Medtronic for certain assets transferred in connection with the separation.
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