Medtronic Unit Raises $560 Million in US IPO Priced Below Range

MiniMed Group Inc., a diabetes management firm that will be separated from health-care giant Medtronic Plc, raised $560 million in a US initial public offering that priced below its marketed range.

The medical devices company sold 28 million shares at $20 each, according to a statement Thursday. The health care firm had offered the shares for $25 to $28 each, an earlier filing showed.

At the IPO price, the Northridge, California-based firm has a market value of $5.6 billion, based on the outstanding shares listed in the filing. MiniMed sells automated insulin pumps, continuous glucose monitors and smart ...