Dec 19 (Reuters) - Medtronic's MiniMed Group filed for an initial public offering in the United States on Friday, as the medical device maker moves ahead with the spin-off of its diabetes business.
With
capital markets set for a slowdown through the year-end holidays, corporate issuers are laying the groundwork for a potential roadshow launch in early 2026 when the IPO market kicks back into action.
Fuel distributor ARKO Petroleum and drug developer Aktis Oncology also publicly filed paperwork for a New York IPO on Friday.
Northridge, California-based MiniMed, whose offerings range from insulin delivery devices to glucose monitors, was founded in 1983 by Alfred Mann and bought by Medtronic in a nearly $3.3 billion deal in 2001.
The diabetes unit has grappled with regulatory concerns over quality management and cybersecurity issues related to its certain devices in the recent years, but has since returned to growth.
In May, Medtronic said it planned to spin off its diabetes unit through an IPO of less than 20%, followed by a subsequent split-off.
MiniMed reported a net loss of $21 million on net sales of $1.48 billion in the six months ended October 24, compared with net loss of $23 million on net sales of $1.30 billion a year earlier.
Goldman Sachs, BofA Securities, Citigroup and Morgan Stanley are the lead underwriters for the IPO.
MiniMed, which has tapped more than 10 underwriters for the offering, will list on the Nasdaq under the symbol "MMED".
The company plans to use proceeds from the offering to repay debt owed to Medtronic and other purposes.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shinjini Ganguli and Shailesh Kuber)
