MiniMed Launches IPO Roadshow to Raise Up to $784M, Medtronic Retains 90%
MiniMed Group launched an IPO roadshow for 28 million shares, aiming to raise up to $784 million with a 4.2 million-share overallotment option. Medtronic is expected to retain roughly 90% post-offering as MiniMed uses proceeds for corporate purposes, debt repayment and asset consideration.
1. IPO Launch and Share Allocation
MiniMed Group initiated its IPO roadshow on February 24, proposing an offering of 28,000,000 common shares at a price range of $25.00 to $28.00 per share. The underwriters have a 30-day option to purchase up to an additional 4,200,000 shares at the IPO price, potentially boosting total proceeds.
2. Ownership Structure and Proceeds Use
Upon completion, Medtronic is projected to hold approximately 90.03% of MiniMed (88.70% if the overallotment is fully exercised). MiniMed plans to allocate net proceeds toward general corporate purposes, repayment of intercompany debt owed to Medtronic, and additional consideration for assets transferred in the separation.
3. Underwriting and Listing Details
Goldman Sachs, BofA Securities, Citigroup and Morgan Stanley are acting as active bookrunners, with Barclays, Deutsche Bank Securities, Mizuho, Wells Fargo Securities, Evercore ISI and Piper Sandler serving as joint bookrunning managers, and BTIG and William Blair as co-managers. MiniMed’s common stock is expected to list on the Nasdaq Global Select Market under the symbol MMED.