Medtronic Unit MiniMed Shares Fall 8% After $560 Million IPO (1)

Shares of MiniMed Group Inc., a diabetes management firm that will be separated from health-care giant Medtronic Plc, slid 8% in its trading debut, after the firm raised $560 million in an initial public offering.

The company’s shares closed at $18.49 each in New York on Friday, below its IPO price of $20 apiece. The trading gives the Northridge, California-based company a market value of about $5.2 billion, based on the outstanding shares. The stock was marketed at $25 to $28 each.

The IPO was multiple times oversubscribed at $20 per share, people familiar with the matter have ...