要做医疗保健业Costco，Medline募资62.6亿创今年最大IPO，首秀大涨超40%

Core Viewpoint - Medline Inc. successfully completed a $6.26 billion IPO, marking the largest IPO globally in 2025 and receiving strong investor interest on its first trading day [1][3][6]. Group 1: IPO Details - Medline debuted on NASDAQ under the ticker MDLN, opening at $35, a nearly 21% increase from the $29 issue price, and closing at $41, a 41.4% rise [3][6]. - The company sold 216 million shares, with the final pricing near the upper end of the guidance range, resulting in a post-IPO valuation exceeding $66 billion [6][7]. - Medline's IPO surpassed the previous record held by CATL's $5.26 billion listing, making it the largest IPO since Rivian's $13.7 billion in 2021 and the fifth largest in the past decade in the U.S. [6][12]. Group 2: Investor Interest and Backing - The IPO was over 10 times oversubscribed, leading to an increase in the number of shares offered from an initial plan of 179 million [7]. - Medline secured $2.35 billion in commitments from cornerstone investors, including Baillie Gifford and Morgan Stanley's Counterpoint Global [7][8]. - The company allocated over 3.7 million shares from the IPO proceeds to repurchase stock from pre-IPO shareholders, allowing private equity firms to realize returns without directly selling shares [7][8]. Group 3: Company Background and Performance - Founded in 1966, Medline manufactures and distributes medical supplies, serving hospitals and clinics with a product range of approximately 335,000 items [8][9]. - The company reported a net income of $977 million and revenue of $20.6 billion for the nine months ending September 27, with a projected annual revenue of $25.5 billion for 2024 [9][11]. - Medline aims to position itself as the "Costco of healthcare," focusing on a strong supply chain and proprietary products [9]. Group 4: Challenges and Strategic Moves - Medline faced challenges in its IPO journey due to uncertainties from tariff policies and government shutdowns, which delayed its initial plans [10][12]. - The company anticipates a pre-tax income loss of $150 million to $200 million due to tariffs in fiscal year 2026 [11]. - Strategic investments have been made under new leadership, including a $905 million acquisition of Ecolab's surgical solutions business and $1.6 billion in capital expenditures over the past five years [11]. Group 5: Market Outlook - Medline's successful IPO has positively influenced market sentiment for future IPOs in 2026, with expectations for significant listings such as SpaceX [6][12]. - The overall IPO market in the U.S. for 2025 exceeded $46 billion, despite challenges faced earlier in the year [12][13].