MiniMed Raises $538M in 28M Share IPO at $20, Medtronic Retains 90%
MiniMed completed its IPO of 28.0 million shares at $20.00 per share, raising net proceeds of approximately $538 million. Medtronic retains roughly 90.03% of MiniMed’s common stock as the shares began trading on the Nasdaq Global Select Market on March 6, 2026.
1. IPO Closing Details
MiniMed completed its IPO of 28,000,000 shares priced at $20.00 each, with trading commencing on the Nasdaq Global Select Market under the symbol MMED on March 6, 2026.
2. Ownership Structure Post-IPO
As of closing, Medtronic plc holds approximately 90.03% of MiniMed’s common stock, leaving roughly 9.97% available to public investors.
3. Net Proceeds and Allocation
After deducting underwriting discounts, commissions and expenses, MiniMed received net proceeds of about $538 million, to be used for general corporate purposes and repayment of intercompany debt to Medtronic.
4. Underwriting Syndicate
The offering was led by Goldman Sachs & Co. LLC, BofA Securities, Citigroup and Morgan Stanley as active bookrunners, supported by Barclays, Deutsche Bank Securities, Mizuho, Wells Fargo Securities, Evercore ISI and Piper Sandler as joint bookrunning managers, with BTIG and William Blair as co-managers.