MiniMed began trading on Nasdaq on Friday after Medtronic’s diabetes tech spinoff raised US$560m in its initial public offering.
The company listed under the ticker “MMED” after offering 28 million shares at US$20 each.
That was below the US$25 to US$28 a share range the company had suggested in filings last month.
MiniMed has a market capitalisation of about US$5.29bn, according to Yahoo Finance.
Medtronic chief executive Geoff Martha marked the milestone and addressed the timing of the initial public offering, as concerns about war in Iran have sent stocks lower.
He said: “Despite a challenging market backdrop shaped by geopolitical uncertainty, the teams successfully executed an oversubscribed offering and the second largest IPO in Medtech history.”
As a standalone company, Martha said MiniMed would be more agile, while Medtronic could focus its resources on long-term growth.
MiniMed chief executive Que Dallara will lead the independent company.
In a LinkedIn post on Friday, Dallara thanked MiniMed’s nearly 8,000 employees and its customers.
Dallara said: “Your belief in us over the past four decades empowered us to reach this historic milestone.
“This means we won’t get comfortable.
“We’ll listen closely, move with urgency, and keep raising the bar on reliability, simplicity, and outcomes so that you have confidence and freedom in your day.”
Medtronic, which acquired MiniMed in 2001, announced in May that it would spin its diabetes business off into a separate company within 18 months.
MiniMed is the only diabetes tech company to sell both insulin pumps and continuous glucose monitors.
Now, more than 40 years into its history, MiniMed is once again a standalone firm.
Medtronic is expected to hold a roughly 90 per cent share of MiniMed, or 88.7 per cent if underwriters exercise an option to buy 4.2 million additional shares over the next month.
