Overview
- MiniMed submitted a Form S-1 for a proposed IPO and plans to list on the Nasdaq Global Select Market under the ticker MMED.
- Goldman Sachs, BofA Securities, Citigroup and Morgan Stanley were named active bookrunners, with Barclays, Deutsche Bank, Mizuho, Wells Fargo, Evercore ISI and Piper Sandler as joint bookrunners, and BTIG and William Blair as co-managers.
- The number of shares and price range are not determined, and the offering cannot proceed until SEC review is complete and market conditions permit.
- According to the filing, MiniMed posted a net loss of $21 million on $1.48 billion in sales for the six months ended Oct. 24, plans to use part of the proceeds to repay intercompany debt, and expects Medtronic to retain at least 80.1% voting control post-IPO.
- Medtronic continues to position the separation as on plan, highlighting leadership updates and the MiniMed 780G pump launch with an Abbott sensor as it prepares the business to operate independently.