Core Viewpoint - Medline Inc. completed a $6.26 billion IPO, marking the largest IPO in the U.S. stock market in four years and the fifth largest in the past decade, with a post-IPO valuation exceeding $66 billion, nearly double its valuation during the private equity acquisition four years ago [1][5][8]. Group 1: IPO Details - Medline's IPO involved the sale of 216 million shares at an initial price of $29, which was close to the upper limit of the pricing range, and the stock opened at $35, reflecting a nearly 21% increase [3][6]. - The IPO was oversubscribed by more than ten times, leading to an increase in the number of shares offered from an initial plan of 179 million [6]. - The successful IPO raised optimism for the 2026 IPO market, potentially setting the stage for significant upcoming listings, including SpaceX [5][12]. Group 2: Financial Performance - For the nine months ending September 27, Medline reported a net income of $977 million and revenue of $20.6 billion, compared to a net income of $911 million and revenue of $18.7 billion in the same period the previous year [9]. - The company anticipates a total net sales figure of $25.5 billion for the full year of 2024 [9]. Group 3: Company Background and Strategy - Medline, founded in 1966, manufactures and distributes medical supplies, serving hospitals and clinics with a product range of approximately 335,000 surgical items [8]. - The company aims to position itself as the "Costco of healthcare," focusing on a strong supply chain and proprietary products while gradually replacing third-party products [9]. - Following a significant private equity acquisition in 2021, Medline's valuation has seen substantial growth, with the IPO reflecting a valuation of around $39 billion at the issuance price and approximately $47 billion at the opening price [8][10]. Group 4: Market Context and Future Outlook - The IPO market in the U.S. saw a total fundraising amount exceeding $46 billion in 2025, despite challenges such as government shutdowns and tariff uncertainties affecting the market [12]. - Medline's IPO is expected to encourage more private equity firms to take their portfolio companies public in the near future, with several anticipated IPOs in 2026 [12].