Core Insights - The U.S. IPO market saw significant activity with two notable IPOs, Medline and Andersen Group, experiencing substantial stock price increases ahead of the Christmas holiday [1][2]. Group 1: IPO Highlights - Medline (MDLN) priced its IPO above the midpoint, raising $6.3 billion with a market capitalization of $38.7 billion. The company distributes and manufactures approximately 335,000 medical products and reported a 44% increase in stock price last week [1][3]. - Andersen Group (ANDG) priced its IPO at the midpoint, raising $176 million with a market capitalization of $1.9 billion. The firm provides tax, valuation, and financial consulting services to over 11,900 clients, with a stock price increase of 53% last week [1][3]. Group 2: SPAC Activity - Seven SPACs completed their pricing last week, with Churchill Capital XI (CCXIU) raising $360 million, Crane Harbor Acquisition II (CRANU) raising $300 million, and several others each raising $200 million targeting various sectors including technology, media, and energy [2][3]. - Notable SPACs include Iron Horse Acquisition (IRHOU) and American Drive Acquisition (ADACU), both raising $200 million, focusing on media and defense sectors respectively [2][3]. Group 3: Upcoming Filings - A total of ten companies submitted IPO applications, with ARKO Petroleum (APC) leading with a target of $100 million. Other notable applicants include Aktis Oncology (AKTS) and MiniMed Group (MMED), each also seeking $100 million [3][4]. - Eight SPACs also filed initial applications, with M Evo Global Acquisition (MEVOU) targeting $225 million for critical minerals and Cambridge Acquisition (CAQU) targeting $200 million for technology [4][5]. Group 4: Market Outlook - The IPO market is expected to remain quiet during the Christmas holiday period, with no major IPO plans announced for the upcoming week, although smaller issuers may join the schedule [7].

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].

Core Viewpoint - Medline, a leading manufacturer and distributor of medical supplies, has filed for an initial public offering (IPO) with a potential fundraising target of up to $5 billion, which would be the largest IPO since Rivian's in 2021 [1][2] Company Overview - Medline is a major distributor and manufacturer of surgical products, offering approximately 335,000 products across two main segments: "Medline Private Brand" and "Supply Chain Solutions" [1] - The "Medline Private Brand" segment includes products manufactured in-house and private label products, while the "Supply Chain Solutions" segment focuses on distributing third-party medical supplies and providing logistics and procurement services to healthcare institutions [1] - About one-third of Medline's private brand products are manufactured in 33 global production facilities, with the remainder sourced from over 500 suppliers [1] Distribution and Logistics - Medline operates a distribution network comprising 69 logistics facilities and over 2,000 trucks, enabling service to approximately 95% of U.S. customers within one day [1] - The company collaborates with over 1,300 healthcare institutions through long-term supply agreements and is expanding into laboratory, animal health, and international markets [1] Financial Performance - For the 12 months ending June 28, 2025, Medline reported revenues of $32.9 billion [2] - The company plans to list on NASDAQ under the ticker symbol MDLN and has submitted a confidential filing on December 19, 2024 [2] - Major banks involved in the IPO include Goldman Sachs, Morgan Stanley, Bank of America Securities, and JPMorgan [2]