MiniMed

MiniMed Group is a spinoff of Medtronic, one of the world's largest medical device companies with a market capitalization of $124 billion. The company specializes in diabetes management technology: automated insulin pumps, continuous glucose monitoring (CGM) systems, and smart insulin pens.

Founded in 1983 by Alfred Mann, MiniMed was acquired by Medtronic in 2001 and spent nearly 25 years developing within the corporation. Now the company is going public as a standalone business with a team of 8,000+ employees and a complete product ecosystem.

MiniMed is targeting up to $784 million in its IPO at a valuation of approximately $7.9 billion (price range $25–28 per share). The bookrunners include Goldman Sachs, BofA Securities, Citigroup, and Morgan Stanley.

The global diabetes care device market is projected to reach $33.4 billion by 2030 and $53 billion by 2035. MiniMed is preparing an FDA submission for its next-generation MiniMed Fit – a patch pump with extended wear. The company is moving toward a "hands-free" approach to diabetes management, minimizing patient involvement in disease control.

Against the backdrop of rising global diabetes prevalence, growing demand for automated medical devices, and the shift from manual monitoring to AI-driven systems, MiniMed is considered one of the most significant MedTech IPOs of 2026.

MiniMed Group is listing on Nasdaq under the ticker MMED with a price range of $25–28 and plans to raise up to $784 million, offering 28 million shares. The bookrunners include Goldman Sachs, BofA Securities, and Morgan Stanley, with an additional option for 4.2 million shares.

Annual revenue for fiscal 2025 reached $2.76 billion, with organic growth of 11.5% year over year. The MiniMed 780G system recently received FDA clearance for use in type 2 diabetes and gained Medicare access – significantly expanding the company's addressable market. After the IPO, Medtronic will retain a majority stake with a planned full separation within 6 months.

MiniMed operates in an actively growing market alongside Dexcom, Abbott, and Insulet – confirming the scale and maturity of the segment. The company's key advantage is a fully integrated ecosystem: pump, sensor, and insulin management algorithm in a single solution. Additionally, MiniMed is preparing an FDA submission for its next-generation patch pump MiniMed Fit, which will expand the product lineup and strengthen the company's position in the automated delivery systems segment.

Application deadline – 4 March, 6:00 PM (UAE).

• Ownership: MiniMed was founded in 1983 by Alfred Mann, a pioneer in medical technology. Acquired by Medtronic in 2001. Prior to the IPO, Medtronic retains a majority stake with a planned full separation within 6 months of listing. CEO – Que Dallara, formerly Executive Vice President at Medtronic, has led the division since 2022.

• Product ecosystem: the only player in the market with a fully integrated "pump + sensor + algorithm" system under a single brand. The product lineup includes automated insulin pumps (MiniMed 780G), Simplera CGM continuous glucose monitoring system, and smart insulin pens. In development – the MiniMed Fit patch pump (FDA submission targeted for fall 2026).

• Regulatory milestones: in February 2026, the MiniMed 780G received FDA clearance for type 2 diabetes and Medicare access – two key events that open a market of tens of millions of patients in the U.S. alone.

• Scale: a team of 8,000+ employees, 25 years of operational history within Medtronic, and a presence in global markets. After the IPO, the company expects to have ~$350 million in cash on hand.

• Risks: intensifying competition from Dexcom, Abbott, and Insulet; net loss of $198 million in fiscal 2025; decline in operating margin from 30.9% (FY19) to 15.8% (FY25); dependence on regulatory approvals for new products; transitional period following the separation from Medtronic.

• IPO objectives: funding next-generation product development, expanding international presence, repaying debt to Medtronic, and strengthening the company's position as an independent publicly traded entity.

MiniMed emerged as a response to the need of millions of people with diabetes for a compact, reliable, and automated way to manage insulin delivery. The company was founded in 1983 by Alfred Mann in Northridge, California, and over several decades grew from the creator of the first miniaturized insulin pump into one of the leading developers of fully integrated diabetes management systems.

In its early years, MiniMed focused on a single goal – making an insulin pump compact and practical enough for everyday use. The result was the MiniMed 502 – the company's first breakthrough in device miniaturization and programmability. But the market demanded more: patients needed not just a pump, but a system capable of tracking glucose levels and making insulin delivery decisions on its own. This became a turning point – the company began developing continuous glucose monitoring (CGM) systems and automated closed-loop systems, bringing diabetes management closer to full autonomy.

In 2001, MiniMed was acquired by Medtronic – one of the world's largest medical device manufacturers with a current market capitalization of $124 billion. Within the corporation, the company gained access to global markets, large-scale R&D resources, and regulatory expertise. Successive product iterations – from early pumps to the MiniMed 780G with SmartGuard technology – enabled the company to build a unique "pump + sensor + algorithm" ecosystem under a single brand.

Technological breakthroughs and a robust clinical evidence base became the key to growth – MiniMed learned not just to create devices, but to build closed-loop systems where each component reinforces the others. This allowed the company to scale the business to a level sufficient for an independent market entry.

Today, MiniMed Group operates with a team of 8,000+ employees, generates annual revenue of $2.76 billion, and maintains a product lineup covering the full diabetes management cycle. The company is going public at a valuation of ~$7.9 billion to accelerate next-generation product development, expand its international presence, and strengthen its position as an independent public player in a market projected to reach $53 billion by 2035.

MiniMed is an example of how deep medical expertise, technology integration, and decades of clinical experience can transform a niche developer into a key player in the global diabetes technology market.

— What is an IPO?
An IPO (Initial Public Offering) is when a private company lists its shares on a stock exchange for the first time to raise capital from investors. From that point onward, the company’s shares can be freely bought and sold on the open market.

— Where are IPOs conducted?
IPOs take place on the world’s largest stock exchanges. In the U.S., the primary venues are the NYSE (New York Stock Exchange) and NASDAQ. Once a company goes public, its shares are freely traded on these exchanges, and the market price is established after the offering.

— What is allocation?
Allocation (from “allocation” — distribution) refers to the process of distributing resources, assets, or capital for maximum efficiency. In investing, allocation usually means distributing the available amount of shares among investors in an IPO or private placement.

— How much allocation does an investor receive?
The allocation size is determined by the terms of each specific offering and typically ranges from 2% to 30% of the submitted application amount. In some cases, the allocation may reach 100%. In rare instances, no allocation may be granted — in that case, the full amount of the application is returned to the investor’s account and becomes available for reinvestment or withdrawal. Information on the actual allocation volume is usually provided about one day before the IPO, approximately six hours prior to the transaction.

Example — Bullish IPO (Aug 13, 2025):
An investor placed an order for $10,000. The allocation was 29.6%, meaning $2,960 was invested in the IPO. The remaining $7,040, including the purchase commission, was refunded to the balance and became available for withdrawal.

Klarna IPO (Sept 10, 2025):
An investor placed an order for $10,000. The allocation was 14%, meaning $1,400 was invested in the IPO. The remaining $8,600, including the purchase commission, was refunded to the balance and became available for withdrawal.

Figure IPO (Sept 11, 2025):
An investor placed an order for $10,000. The allocation was 16%, meaning $1,600 was invested in the IPO. The remaining $8,400, including the purchase commission, was refunded to the balance and became available for withdrawal.

Gemini IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 29%, meaning $2,900 was invested in the IPO. The remaining $7,100, including the purchase commission, was refunded to the balance and became available for withdrawal.

Legence IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 78%, meaning $7,800 was invested in the IPO. The remaining $2,200, including the purchase commission, was refunded to the balance and became available for withdrawal.

Black Rock Coffee Bar IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 68%, meaning $6,800 was invested in the IPO. The remaining $3,200, including the purchase commission, was refunded to the balance and became available for withdrawal.

— Why do companies go public?
To raise growth capital, increase brand visibility, and provide early investors and employees with an opportunity to sell part of their shares.

— How is participating in an IPO different from buying shares on the exchange?
When you participate in an IPO, you buy shares before they start trading publicly. This provides an opportunity to purchase at the fixed offering price but also carries the risk that the price may drop once trading begins.

— What do I get by participating in an IPO through Regolith?
You become an investor in the company at the IPO stage via our U.S. partner infrastructure. After the transaction is completed and the lock-up period expires, profits from the share sale are distributed among investors proportionally to their stake in the deal.

— What is a lock-up period and how long does it last?
A lock-up period is a timeframe set by the issuer and underwriters during which shares cannot be sold. For IPOs offered through our platform, this period is 93 days. Once it ends, the shares are sold on the exchange and proceeds are distributed among investors.

— How is participating through the platform different from buying shares independently?
To buy independently, you would need access to a U.S. broker, a significant investment amount, and approval from underwriters. The platform pools capital from investors, providing access to IPOs that are otherwise unavailable to most individuals.

— Through whom is IPO participation carried out?
We operate through a U.S.-based structure that works with a licensed broker in the U.S. Our partner selects promising IPOs and participates in the offering under its own name.

— How is the deal structured legally?
An investor signs an agreement/offer to participate in the investment product. Regolith then transfers funds to its partner entity — Wealthy Labs Limited (the provider), which enters into a forward contract with the broker and executes all operational activities. The provider delivers the financial outcome to Regolith, which then distributes proceeds among investors.

— Is there a minimum investment amount?
Yes. Each IPO has a defined minimum entry threshold, shown on the offering page. On average, Regolith provides access starting from $500.

— Do I receive shares into my personal brokerage account?
No. Shares are purchased and held in the partner’s brokerage account. After the lock-up period, the broker sells the shares and transfers proceeds for distribution among investors.

— Can shares be transferred directly to my brokerage account?
No. Participation is structured via a forward contract with the partner’s brokerage infrastructure. The deal is executed on behalf of the partner, and settlements with investors are carried out through the platform.

— How can I sell my shares after the IPO?
Sales are processed automatically: once the lock-up expires, the partner broker sells the shares on the exchange, and proceeds are distributed proportionally among investors.

— What are the risks of investing in IPOs?
IPOs are high-risk investments. While they may offer high returns, they also carry significant volatility. Share prices on the first trading day — and after the lock-up — can fluctuate sharply. There is a risk that the market price will fall below the offering price. In addition, macroeconomic and sector-specific factors can affect outcomes.

— Can I know in advance how much I will earn?
IPO returns are not guaranteed. The final result depends on the share price at the time of sale after the lock-up, overall market conditions, and the company’s performance.

— How can I verify that Regolith participates in IPOs?
We publish all available deal information in the client dashboard. Additionally, we provide an agreement disclosing the infrastructure used for transactions. Broker and partner documents are not shared, as they contain confidential data protected by contractual obligations.