Medtronic diabetes unit MiniMed seeks $784 million in US IPO

MiniMed Group Inc., a diabetes management firm that will be separated from health-care giant Medtronic Plc, is seeking to raise as much as $784 million in an initial public offering (or over $900 million with over-allotment).

The Northridge, California-based firm plans to market 28 million shares for $25 to $28 each, according to its filing Tuesday with the US Securities and Exchange Commission. The IPO is expected to price March 5.

• Lead Underwriter(s) Goldman Sachs & Co, LLC, BofA Securities, Citigroup, Morgan Stanley
• Industry Healthcare - Other Healthcare
• Expected Pricing 03/05

The company plans to list on the Nasdaq under the symbol "MMED", with Medtronic retaining approximately 90% ownership.

The diabetes company’s separation comes after operating as part of Medtronic for nearly 25 years. MiniMed sells a full ecosystem of automated insulin pumps, continuous glucose monitors and smart insulin pens, according to a letter from Chief Executive Officer Que Dallara.

MiniMed incurred a net loss of $21 million on revenue of $1.5 billion for the six months ended Oct. 24, compared with a net loss of $23 million on revenue of $1.3 billion in the corresponding period a year earlier, the filing shows.