Core Viewpoint - Medline, a manufacturer of medical and surgical products, is set to launch its initial public offering (IPO) at a price near the upper limit, potentially becoming the largest IPO of the year [1] Group 1 - The company plans to issue 179 million shares [1] - The offering price is set between $26 and $30 per share [1] - If priced at the maximum, the company could raise $5.37 billion [1]

Summary of Key Points Core Viewpoint - The article discusses the recent IPO activities, highlighting that 10 new stocks were listed last week, with 9 of them raising over $100 million each. Group 1: Recent IPOs - JM Group (JMG) raised $15 million by issuing 3.75 million shares at $4 per share [1] - Wealthfront (WLTH) raised $485 million by issuing 34.62 million shares at $14 per share [2] - Lumexa Imaging Holdings (LMRI) raised $463 million by issuing 25 million shares at $18.5 per share [2] - Cardinal Infrastructure (CDNL) raised $242 million by issuing 11.5 million shares at $21 per share [2] - SPACs Bluerock Acquisition (BLRKU), Carbon Capital Partner (KBONU), Meshflow Acquisition (MESHU), Daedalus Special Acquisition (DSACU), ITHAX Acquisition III (ITHAU), and Twelve Seas III (TWLVU) raised $150 million, $300 million, $300 million, $225 million, $200 million, and $150 million respectively [2] Group 2: Upcoming IPOs - Andersen Group Inc., a tax consulting firm, plans to go public on December 17, 2025, on the NYSE under the ticker ANDG, aiming to raise approximately $176 million by issuing 11 million shares at $14 to $16 per share [3][6] - Medline Inc., a leading medical supplies manufacturer, plans to go public on December 17, 2025, on NASDAQ under the ticker MDLN, aiming to raise approximately $5.37 billion by issuing 17.9 million shares at $26 to $30 per share [8][11]

Core Insights - The U.S. IPO market saw four companies go public and six SPACs listed last week, with eight companies filing for IPOs and four for SPACs [1][4]. Group 1: IPO Highlights - Wealthfront (WLTH) priced at the upper end of its range, raising $485 million with a market cap of $2.6 billion, targeting young "digital-first" customers and boasting over 1.3 million paying clients and $88.2 billion in assets by July 2025 [1]. - Lumexa (LMRI) raised $463 million with a market cap of $1.8 billion, operating 184 outpatient imaging centers across 13 states, and has a high leverage ratio of 3.7 times [2]. - Cardinal Infrastructure (CDNL) raised $242 million with a market cap of $769 million, focusing on utility installation services in the Southeastern U.S. with a backlog valued at $646 million [3]. - JM Group (JMG) raised $15 million with a market cap of $79 million, specializing in merchandise sourcing for various retail categories [3]. Group 2: SPAC Highlights - Six SPACs completed pricing last week, including Meshflow Acquisition (MESHU) and Karbon Capital Partners (KBONU), each raising $300 million targeting blockchain infrastructure and energy sectors respectively [4]. - Other SPACs included Daedalus Special Acquisition (DSACU) raising $225 million for consumer-facing AI and technology, and Twelve Seas III (TWLVU) raising $150 million for investments in oil and gas companies outside the U.S. [4]. Group 3: Upcoming IPOs - Medline (MDLN) plans to raise $5 billion at a market cap of $37.3 billion, focusing on medical supplies distribution, facing recent tariff pressures [8]. - Andersen (ANDG) aims to raise $165 million at a market cap of $1.74 billion, providing tax and advisory services with a 15% CAGR since 2003 [8].

美国医疗用品巨头Medline近日积极筹备纳斯达克IPO，交易代号"MDLN.US"，有望成为2025年美股最大规模IPO。 据12月8日提交的SEC文件，Medline计划发行1.79亿股，定价区间26-30美元/股，预计募资最高53.7亿美元，目标估值达553亿美元。该公司创立于1910 年，是全球最大医疗用品制造商和分销商，产品涵盖手套、手术器械等医疗耗材。 2021年，Medline被黑石、凯雷及Hellman&Friedman三家私募以340亿美元收购私有化，去年12月决定重返资本市场。财务数据显示，2025年前九月 Medline净利9.77亿美元，营收206亿美元，均同比增长。但公司警告，对等关税将导致2025年税前净利减少3.25-3.75亿美元，2026年再减1.5-2亿美元。 市场预计，Medline将于12月17日正式挂牌交易。 ...

Medline's IPO and Family Wealth - Medline's IPO is anticipated to be a significant event this winter, potentially valued at up to $55 billion, with the Mills family's remaining stake estimated between $6 billion to $7 billion based on share price projections of $26 to $30 per share [1][2] - The Mills family's total net worth is projected to reach at least $20 billion, combining their stake in Medline and previous earnings from a private equity deal that valued the company at $30 billion [2] Company Performance - Under private equity ownership and the leadership of non-family CEO Jim Boyle, Medline has shown growth, achieving sales of $25.5 billion in 2024 and profits of $1.2 billion [4] Surgical Robotics Investments - Dr. Fred Moll, a pioneer in robotic surgery, has invested around $100 million into next-generation surgical robotics startups, aiming to enhance the capabilities of average surgeons through advanced robotic technology [5][6] - The goal of these investments is to improve medical procedures across various fields, including colonoscopies and heart-valve replacements, utilizing AI to refine surgical techniques [6][7] Forbes Top Hospitals List - Forbes has introduced its inaugural Top Hospitals List for 2026, which aims to provide an unbiased, data-driven evaluation of general acute care hospitals in the U.S. [8] - The list was developed in collaboration with Inovalon and various healthcare experts to assist patients and hospital leaders in assessing healthcare quality [9] Freenome's SPAC Deal - Freenome, a company focused on early cancer detection through blood tests, is going public via a SPAC merger valued at $330 million, which includes a $240 million investment from healthcare investors [10] - The company has partnerships with Roche and Exact Sciences and plans to launch multiple tests by 2026 [10]

Core Insights - Medline has filed for an IPO aiming to raise up to $5.37 billion, which would value the company at approximately $55 billion, making it one of the largest public listings in the US for 2025 [1][4] - The company plans to list 179 million shares on the Nasdaq Global Select Market with an expected price range of $26 to $30 per share [1] Company Overview - Medline employs around 43,000 people and reported net revenues exceeding $25 billion in 2024, with net sales of $20.6 billion for the nine months ending September 27, 2025 [2] - The total addressable market for Medline is estimated to be around $375 billion annually, with the US market representing $175 billion of this opportunity [2] Market Opportunity - The company anticipates long-term growth in the US market driven by factors such as an aging population and increasing prevalence of chronic conditions, which are expected to elevate health expenditures [3] - Medline aims to achieve net sales growth through international expansion and ongoing innovation initiatives [3] IPO Context - If successful, Medline's IPO would be the largest in the medtech and broader healthcare sector for 2025, contrasting with the trend of AI-driven medtech IPOs this year [4] - Other notable AI medtech IPOs in 2025 include Beta Bionics and Kestra, raising $204 million and $235 million respectively [5]

Core Viewpoint - Medline Inc., a major U.S. healthcare company focused on medical supplies, is seeking to raise up to $5.37 billion through an IPO, potentially becoming the largest private equity-backed IPO in history and the largest U.S. IPO of the year [1][2]. Company Overview - Medline specializes in the production and distribution of medical supplies such as gloves, isolation gowns, surgical apparel, and examination tables for hospitals and healthcare professionals [4]. - The company was privatized in 2021 in a $34 billion deal led by private equity firms Blackstone, Carlyle Group, and Hellman & Friedman, marking one of the largest leveraged buyouts in financial history [4]. - Medline has a history dating back to 1910 and is one of the largest private manufacturers and distributors of medical and surgical supplies in North America and globally, with annual sales exceeding $20 billion [4]. IPO Details - The company plans to issue 179 million shares at a price range of $26 to $30 per share, with a maximum valuation of $55.3 billion [1][2]. - If priced at the top of the range, the IPO would raise $5.37 billion, surpassing the previous largest U.S. IPO of $1.75 billion by Venture Global Inc. in January [2]. - The IPO filing was submitted after a prolonged U.S. government shutdown that disrupted many companies' IPO plans, with Medline initially expecting to go public in November [2]. Financial Performance - For the nine months ending September 27, Medline reported a net profit of approximately $977 million and total revenue of about $20.6 billion, compared to a net profit of $911 million and revenue of approximately $18.7 billion in the same period the previous year [3]. Investment and Shareholder Structure - The company has secured approximately $2.35 billion in commitments from cornerstone investors, including Baillie Gifford, Capital Group, and Morgan Stanley's Counterpoint Global [5]. - Following the IPO, the Mills family will retain 17.8% of the voting rights, while Blackstone, Carlyle, and Hellman & Friedman will each hold 18% [7]. Market Context - The total amount raised from U.S. IPOs this year (excluding blank-check companies) is approximately $38.7 billion, which is expected to remain below the pre-pandemic average of nearly $50 billion per year [6]. - Major investment banks, including Goldman Sachs, Morgan Stanley, Bank of America, and JPMorgan, are involved in the IPO process, with the expected pricing to occur after market close on December 16 [8].

感恩节过后，美国IPO市场有望在未来两周迎来一波热潮，各家公司都急于抓住2025年的最后一个窗口 期，赶在假日淡季到来之前上市。 Medline的IPO有望成为今年最引人注目的上市之一，在市场进入2026年之际，它将成为衡量投资者情绪 的关键指标。 Medline是美国最大的医疗用品制造商和分销商之一，包括世界各地医院和养老院使用的外科和程序 包、手套和防护服。 来源：环球市场播报 美国医疗用品巨头Medline周一表示，计划通过首次公开募股（IPO）融资至多53.7亿美元，目标估值高 达553亿美元，预计这将是2025年美国规模最大的IPO。 该公司表示，计划在此次IPO中发行1.79亿股股票，预估价格区间为每股26-30美元。 ...

Private equity-backed Medline is aiming to raise as much as $5.37 billion in its initial public offering in the United States, the medical supplies provider said on Monday. ...

Table of Contents As filed with the Securities and Exchange Commission on December 8, 2025. Registration No. 333-291112 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Medline Inc. (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of incorporation or organization) Delaware 3841 33-1845288 (Primary Standard Industrial Classification Code Number) 3 Lakes Drive (I.R.S. E ...