The new Mini is the first version of the smaller iPad to feature Retina display. It also includes a power-efficient A7 chip, along with faster wireless and expanded LTE cellular connectivity.
It's available in silver or space gray. Wi-Fi-only models will start at $399 for a 16GB gigabyte model, while cellular-capable models will start at $529 for the 16GB model.
The new minis will be available Tuesday through Apple's online and retail stores, along with AT&T, Sprint, T-Mobile, Verizon Wireless and select retailers.
Apple Inc. shares are up $2.24 to $521.29 in morning trading Tuesday.