Company Overview - Medline is a medical supply company that manufactures and distributes products such as masks, gowns, and lab kits [3] - The company was taken private in 2021 by a consortium of private equity firms, including Blackstone, Carlyle, and Hellman & Friedman, marking the largest leveraged buyout (LBO) post-financial crisis [3][4] IPO Details - The IPO is expected to price tonight and could be one of the largest debuts in the public markets this year, potentially valued at $55 billion, which is over $20 billion higher than the acquisition price by its sponsors [1][4] - The IPO guidance suggests pricing toward the high end of the range, indicating strong investor interest [2] Business Performance - Medline has demonstrated a resilient business model, with net sales growing each year since its inception in the 1960s at a compound annual growth rate (CAGR) of 18% [4] - The company is expected to benefit from secular tailwinds such as an aging population and the consolidation of healthcare providers [5] Growth Strategy - Medline's growth strategy includes acquiring several companies and continuing this trend to enhance its market position [5] - The concentration within Medline's business and its customer base is viewed as both a potential advantage and a risk factor [6] Market Context - The IPO is seen as a critical test for the IPO market, which has a healthy backlog of deals for 2026, and for the private equity industry, which has faced challenges in finding exits for portfolio companies [4]
Medline poised as largest 2025 IPO globally