MiniMed, a subsidiary of Medtronic, announced that it launched a roadshow for the initial public offering (IPO) of 28 million shares of its common stock.

The offering is part of Medtronic’s previously revealed plan to separate its Diabetes business into an independent public company. The IPO price is expected to be between $25-28 a share, and underwriters will be granted a 30-day option to buy up to an additional 4.2 million shares at the IPO price.

If purchased at the $28 price, the total proceeds of the IPO would reach about $784 million. MiniMed plans to list its common stock on Nasdaq under the symbol “MMED.”

After completing the IPO, Medtronic will hold about 90.03% of MiniMed (88.7% is the underwriters exercise their over-allotment option in full.) The company said it plans to use part of the proceeds from this offering for general corporate purposes.

The remainder, if any, will be used to repay intercompany debt owed to Medtronic, as well as additional consideration to Medtronic for some assets transferred to MiniMed in the separation.

A registration statement on Form S-1 relating to these securities has been filed with the U.S. Securities and Exchange Commission (SEC) but has not yet become effective, the company said. Goldman Sachs & Co. LLC, BofA Securities, Citigroup and Morgan Stanley are acting as the active bookrunners for the proposed offering. Barclays, Deutsche Bank Securities, Mizuho, Wells Fargo Securities, Evercore ISI and Piper Sandler & Co. are also acting as joint book running managers and BTIG and William Blair & Company, L.L.C. are acting as co-managers.

The company also said its press release shall not constitute an offer to sell or the solicitation of an offer to buy.