今年全球最大IPO基本定了，3家PE成最大赢家

Group 1 - Medline Inc. has officially announced its IPO plans, aiming to issue 179 million shares at a price range of $26 to $30 per share, potentially raising up to $5.37 billion, which would make it the largest IPO globally in 2025 [2][4] - The IPO process is set to be completed by the end of 2026, with key dates including the management roadshow starting on December 9 and pricing on December 19 [8][9] - The company plans to use approximately $3.28 billion of the proceeds to refinance existing loans, which will significantly improve its financial metrics, reducing the debt-to-asset ratio from 68% to about 42% [5][6] Group 2 - The cornerstone investors for the IPO have committed a total of $2.35 billion, including major sovereign and pension funds, with a lock-up period of 180 days [4] - Medline's revenue has shown strong growth, with a net sales figure of $25.5 billion in 2024 and a net profit of $1.01 billion, making it the largest private medical supplies manufacturer and distributor in the U.S. [11][12] - The company was previously publicly listed but went private in 1977 due to low valuations and management dissatisfaction, and has since relied on internal funding for expansion [10][11] Group 3 - The private equity firms Blackstone, Carlyle, and H&F acquired a 75% stake in Medline for approximately $34 billion, marking one of the largest leveraged buyouts in the healthcare sector [13][14] - Following the acquisition, the founding Mills family retained about 25% ownership, with Charlie Mills continuing as CEO, while the private equity firms did not interfere in daily operations [15] - The IPO is expected to provide significant returns for the private equity investors, potentially making it one of the largest IPOs supported by private equity in capital market history [15]