Core Insights - Medline is debuting on the Nasdaq after raising $6.26 billion in one of the largest IPOs in recent years, selling over 216 million shares at $29 each, at the higher end of its anticipated range [1][6] - The company plans to use the IPO proceeds to reduce its debt [1] Company Performance - Medline sells over 335,000 medical and surgical products and has reported consistent annual sales growth since its founding [2] - For the first nine months of the year ending in September, Medline reported a net income of $977 million on revenues of $20.65 billion, an increase from $911 million in net income on $18.72 billion in revenue during the same period the previous year [2] Market Context - Medline's IPO is part of a recovering IPO market, although overall activity remains below the record levels of 2021; the $6.26 billion raised is the largest since Rivian's IPO in 2021 [3] - CEO Jim Boyle stated that the IPO is expected to enhance Medline's brand, positioning the company as the "Costco of healthcare" for its customers [4]

U.S. medical supplies giant Medline is set to debut on the Nasdaq on Wednesday after the biggest initial public offering of the year. The private equity-owned company priced at $29 per share on Tuesday, raising $6.26 billion in an upsized offering that finishes off a strong year for new listings and bolsters optimism about the IPO market in 2026. Shares of Medline will trade under the symbol "MDLN." The IPO pricing gives Medline a market value of at least $37 billion, based on the shares listed in its regul ...

It's been a tumultuous year for U.S. stock markets. Investors have had their nerves rattled twice this year by government-related events—President Trump's Liberation Day tariffs in the spring, followed by the longest U.S. government shutdown in history this fall. That's on top of an economy already hit hard by inflation and declining consumer confidence. Yet despite this, there have still been several high-profile and successful initial public offerings throughout the year—especially in the AI and fintech s ...

Core Insights - Medline's shares surged 41% in their trading debut, closing at $41 after raising $6.26 billion in its IPO, marking one of the largest IPOs in recent years [1][4][7] Group 1: IPO Details - Medline sold over 216 million shares at $29 each, at the higher end of its anticipated range of $26 to $30 [2] - The proceeds from the IPO will be used to pay down some of the company's debts [2] Group 2: Financial Performance - For the first nine months of the year ending in September, Medline reported a net income of $977 million on revenue of $20.65 billion, an increase from $911 million on $18.72 billion in the same period the previous year [3] Group 3: Market Context - The IPO marks a recovery in the IPO market, although activity remains below the record levels seen in 2021 [4] - The $6.26 billion raised makes it the largest IPO since Rivian's $11.93 billion in 2021 [4] Group 4: Company Vision - CEO Jim Boyle stated that the IPO is expected to enhance Medline's brand, aiming to position the company as the "Costco of healthcare" for medical equipment buyers [5]

Core Insights - Medline's IPO debuted at $29 per share, raising approximately $6.26 billion with an implied valuation near $50 billion, marking it as the largest listing of the year [1] - The company is backed by major investment firms including Blackstone, Carlyle, and Hellman & Friedman, and increased its offering to meet strong institutional demand [1] Financial Performance - Medline carries about $17 billion in debt from a 2021 leveraged buyout and plans to use IPO proceeds to repay senior secured term loans, which is viewed positively by credit rating agencies [3] - For the nine months ending September 2025, Medline reported approximately $1 billion in net income on $20.6 billion in revenue, with adjusted EBITDA of $2.7 billion and a margin of 13.3% [4] - Analysts suggest that if Medline allocates $3–$4 billion for debt repayment, it could reduce leverage ratios by 0.5–1.0x, which is significant but not transformative [4] Customer Relationships and Market Position - The company boasts a 98% Prime Vendor retention rate, indicating strong customer relationships that support consistent cash generation [5] - Medline sources one-third of its products in-house from 33 manufacturing facilities, while the remainder comes from over 500 suppliers across 40 countries [7] Tariff Challenges and Competitive Landscape - Medline faces tariff headwinds that could impact earnings before taxes by $325–$375 million in 2025 and an additional $150–$200 million in 2026, which may offset organic growth [6] - The company must decide whether to absorb tariff costs or pass them on to hospitals, with most healthcare distributors only able to pass through 40–50% of these costs [8] - The competitive landscape includes major players like Cardinal Health, McKesson, and Owens & Minor, which intensifies pricing pressures due to private-label penetration and customer consolidation [8] Future Outlook - Investors are advised to monitor the company's ability to achieve a net leverage target of 2.5–3.0x within 18–24 months, as interest coverage and debt levels will be closely scrutinized [5] - The success of the IPO will depend on effective execution in deleveraging, managing tariff impacts, and maintaining margin discipline [9]

Core Insights - Medline (MDLN) raised approximately $6.26 billion, making it the largest initial public offering (IPO) in the United States this year, indicating a renewed interest from investors in large healthcare companies [1][1]. Company Summary - Medline is a medical supplies provider that has successfully completed a significant fundraising round through its IPO [1]. - The successful IPO reflects a broader trend of investor confidence in the healthcare sector, particularly in large enterprises [1].

Company Overview - Medline has been a private company for 58 years with consecutive growth and is now seeking to go public to expand its voice and market presence [1][2] - The company aims to be the "Costco of healthcare," utilizing a membership model that provides value and savings to its customers [5] Financial Performance - Medline has a 99% customer retention rate and offers over 335,000 products from 29 million square feet of warehouse space in the US [6] - The company's margins are designed to support ongoing investments in the business, with a current margin of approximately 13% [7][8] - As of September, Medline reported a net debt of about $15 billion and a net debt to EBITDA ratio of 4.8%, with plans to reduce this to 3.25 through a $5 billion IPO, allocating $4 billion for debt reduction [10] Market Position and Strategy - Medline positions itself as a value player in the healthcare market, focusing on cost and price competitiveness [8] - The healthcare industry is facing challenges such as reimbursement cuts and shifts in care delivery, which Medline aims to navigate by providing timely and valuable solutions to its customers [12][13]

Core Viewpoint - Medline is set to launch the largest IPO in the U.S. stock market this year, aiming to raise approximately $6.26 billion, positioning itself as one of the highest-valued companies in the medical device sector following major players like Johnson & Johnson and Abbott [1][3]. Company Overview - Founded in 1966 by Jon and Jim Mills, Medline is a leading manufacturer and distributor of medical supplies, including gloves, surgical gowns, and examination tables [4]. - The company operates in North America alongside Cardinal Health and Owens & Minor, forming a major supply system for hospital supplies [4]. - Medline has transformed from a traditional manufacturer to a global leader in the medical supply chain over the past 40 years [4]. Financial Performance - For the nine months ending September 27, the company reported revenues of $20.6 billion and a net profit of $977 million, compared to $18.7 billion in revenue and $911 million in net profit in the same period last year [5]. - Fitch Ratings upgraded Medline's credit rating from BB+ to BBB-, facilitating the IPO process [5]. Market Context - The IPO occurs amid a cautious investment climate, with Medline's growth data highlighting its stable cash flow and capacity for expansion despite challenges in the global medical manufacturing industry [6]. - Medline's IPO is significant as it marks a major exit for private equity, with Blackstone, Carlyle Group, and Hellman & Friedman having acquired the company for $34 billion in 2021 [7]. Investor Interest - Medline has secured cornerstone investor commitments totaling up to $2.35 billion, with participation from notable investment firms such as Viking Global Investors and Morgan Stanley [8]. - The company's business model combines manufacturing scale with high turnover rates, boasting a projected gross margin of 32% for 2024, significantly above the industry average [8]. Future Outlook - Analysts view Medline's IPO as a key indicator of investor confidence in the healthcare sector and the broader capital market, especially given the company's resilience in a challenging economic environment [10]. - The success of this IPO may influence the pricing and types of future IPOs in 2026, with expectations for other large tech companies to enter the market [10].

④ 【华纳据称本周将拒绝派拉蒙收购要约】12月16日，据媒体援引知情人士透露，华纳兄弟探索（简称华纳）计划拒绝派拉蒙天舞上周提出的收购要 约，主要原因是对派拉蒙天舞的融资安排和其他交易条款存在担忧。华纳董事会经过审议后认为，公司与奈飞的现有协议在价值、确定性和条款方面都优 于派拉蒙天舞的提案。截至发稿，奈飞上涨1.83%。 每经记者｜岳楚鹏 每经编辑｜段炼 兰素英 ① 【三大期指齐涨】截至发稿，道指期货涨0.19%、标普500指数期货涨0.30%、纳指期货涨0.34%。 ② 【纳斯达克将迎来年内全球最大IPO】美东时间12月17日晚，纳斯达克交易所将迎来全球今年最大IPO Medline，股票代码"MDLN"。该IPO发行规模经 上调后，最终定价锁定在推介区间高位。具体来看，该公司将以每股29美元发行2.16亿股股票，拟融资约62.6亿美元，定价对应的公司估值约为390亿美 元。Medline现有股东涵盖黑石集团、凯雷集团及弗里德曼（Hellman & Friedman）三大私募巨头。早在2021年，这三家机构就以340亿美元联合收购 Medline多数股权，成为史上规模最大的杠杆收购之一。Medline由米 ...

Core Viewpoint - Medline is set to debut on the Nasdaq after raising $6.26 billion in the largest global initial public offering of 2025, marking a strong year for new listings [1] Group 1 - The IPO raised $6.26 billion, making it the biggest IPO globally in 2025 [1] - This event highlights a robust market for new listings in the current year [1]