MiniMed, a subsidiary of Medtronic, raised $560 million in its IPO at $20 per share, missing its targeted range.
By the numbers: MiniMed had aimed to price the 28 million shares it offered between $25 and $28 apiece.
The offering values MiniMed at $5.6 billion, based on outstanding shares.
Medtronic will hold onto roughly 90% of MiniMed.
The big picture: The smaller-than-expected offering is part of Medtronic's effort to separate its diabetes business into an independent public company.
Zoom in: Goldman Sachs, BofA Securities, Citigroup and Morgan Stanley acted as the active bookrunners.
What's next: The Galway, Ireland-based company is expected to begin trading Friday on the Nasdaq under MMED.
