MiniMed Group, a subsidiary of Medtronic plc (MDT), has launched a roadshow for the initial public offering of 28 million shares of its common stock. The IPO price is currently expected to be between $25.00 and $28.00 per share. MiniMed expects to list its common stock on the Nasdaq Global Select Market under the symbol MMED.
The proposed offering is part of Medtronic's previously announced plan to separate its Diabetes business into an independent public company. Upon completion of the IPO, Medtronic will hold approximately 90.03% of MiniMed, or 88.70% if the underwriters exercise their over-allotment option in full.
In pre-market trading on NYSE, Medtronic shares are down 0.05 percent to $98.57.
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