Medtronic announces filing of IPO registration for MiniMed

Medtronic (MDT) announced that its diabetes business, which as previously announced will operate under the name MiniMed (MMED), has filed a registration statement on Form S-1 with the SEC for a proposed initial public offering of newly issued common stock. The separation is expected to be completed through a series of capital markets transactions, with a preferred path of an IPO and subsequent split-off. MiniMed intends to apply to have its common stock listed on the Nasdaq Global Select Market under the symbol MMED. The number of shares to be offered and the price range for the offering have not yet been determined. The IPO is expected to commence after the completion of the SEC review process, subject to market and other conditions. Goldman Sachs & Co., BofA Securities, Citigroup and Morgan Stanley will act as the active bookrunners for the proposed offering. Barclays Capital, Deutsche Bank Securities, Mizuho Securities, Wells Fargo Securities, Evercore ISI and Piper Sandler & Co. will also act as joint bookrunning managers and BTIG, LLC and William Blair & Company will act as co-managers.