Bengaluru: MiniMed, the diabetes business of medical device maker Medtronic, said on Thursday it has raised $560 million in its U.S. initial public offering.
The diabetes care company, which makes insulin pumps, glucose monitors and sensors, priced 28 million shares at $20 each, the lower end of its previously indicated $25-$28 range.
Medtronic, which has a market capitalization of roughly $119.4 billion, announced last yearthat it would separate the business to simplify its portfolio and concentrate on higher-margin growth markets.
The offering valued MiniMed at $5.61 billion, based on the number of common shares outstanding listed in its IPO prospectus.
The IPO comes amid a volatile market for new listings, with companies continuing to test investor appetite despite market uncertainty stemming from the conflict in the Middle East and concerns over potential AI disruption.
Stronger IPO activity typically coincides with bull markets and greater investor appetite for risk.
(Reporting by Manya Saini in Bengaluru and Carlos Mendez in Mexico City; Editing by Sumana Nandy and Sahal Muhammed)
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