以下文章来源于天天IPO ，作者吴琼 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 并购艺术。 作者/吴琼 今年美股最大I PO诞生了。 报道/投资界-天天IPO Me d l i n e，一家业务遍布全球的医疗公司，产品从外科手套到轮椅，从面罩到温度计均有涉及，至今已有五十多年历史。2 0 2 1年，黑 石联合凯雷、He l lma n&F ri e dma n组成的财团，从创始家族手中买下该公司多数股权。 四年过去，在黑石等股东推动下，Me d l i n e再次在纳斯达克上市。这场收购终于到了看牌时刻——上市首日市值超5 4 0亿美元（约合 人民币超3 8 0 0亿元），为三家PE带来可观回报。粗略估计，黑石们的潜在账面收益或达数百亿元。 3800亿，美股今年最大IPO 要想了解Me d l i n e，还得先从背后神秘的米尔斯（Mi l ls）家族聊起。 成立于1 9 6 6年，Me d l i n e由吉姆·米尔斯(Jim Mi l ls)和约翰·米尔斯(J o h n Mi l ls)兄弟俩创立。但这兄弟俩的创业灵感来自他们的祖父 A.L.Mi l ls。1 9 1 0年，他 ...

Core Viewpoint - Medline, a global healthcare company, has successfully completed its IPO on NASDAQ, achieving a market capitalization of over $54 billion, marking it as the largest IPO in the U.S. for the year [3][6]. Group 1: Company Background - Medline was founded in 1966 by Jim and John Mills, inspired by their grandfather's sewing business, and initially focused on manufacturing medical garments [4]. - The company briefly went public in 1972 but was privatized five years later due to poor stock performance, remaining a family-owned business for over fifty years [4]. - The current leadership includes the fourth generation of the Mills family, with Charlie Mills as CEO and Andy Mills as President [4]. Group 2: IPO Details - The IPO raised a total of $6.264 billion by issuing 216 million shares at a price of $29 each, with significant interest from cornerstone investors like Singapore's GIC [5][6]. - Medline's IPO was oversubscribed by more than ten times, making it not only the largest U.S. IPO of the year but also the largest globally for 2025, surpassing CATL's $5.3 billion IPO in Hong Kong [5][6]. Group 3: Financial Performance - Medline's revenue has shown consistent growth, with a compound annual growth rate of 18% since its inception, and sales reached $17.5 billion in 2020, a 25.9% increase year-over-year [6][8]. - The company’s revenue is projected to grow to $25.5 billion by 2024, with $20.6 billion already reported in the first nine months of 2025 [8]. Group 4: Private Equity Involvement - The company was acquired by a consortium of private equity firms, including Blackstone, Carlyle, and Hellman & Friedman, which purchased nearly 80% of Medline in a leveraged buyout [8]. - Since the acquisition, Medline's revenue has increased by nearly 50%, from $17.5 billion in 2020 to an expected $25.5 billion in 2024 [8]. - The private equity firms are expected to gain substantial returns, with estimates suggesting potential profits in the hundreds of millions [3][8]. Group 5: Market Impact - The IPO has been described as a significant event in the private equity landscape, being the largest private equity-backed IPO in history [8]. - Following the IPO, Blackstone and its partners are positioned to benefit from stock buybacks and tax incentives, further enhancing their financial returns [9].

来源：天天IPO 并购艺术。 今年美股最大IPO诞生了。 Medline，一家业务遍布全球的医疗公司，产品从外科手套到轮椅，从面罩到温度计均有涉及，至今已 有五十多年历史。2021年，黑石联合凯雷、Hellman&Friedman组成的财团，从创始家族手中买下该公 司多数股权。 四年过去，在黑石等股东推动下，Medline再次在纳斯达克上市。这场收购终于到了看牌时刻——上市 首日市值超540亿美元（约合人民币超3800亿元），为三家PE带来可观回报。粗略估计，黑石们的潜在 账面收益或达数百亿元。 3800亿，美股今年最大IPO 要想了解Medline，还得先从背后神秘的米尔斯（Mills）家族聊起。 成立于1966年，Medline由吉姆·米尔斯（Jim Mills）和约翰·米尔斯（John Mills）兄弟俩创立。但这兄弟 俩的创业灵感来自他们的祖父A.L.Mills。1910年，他们的祖父在芝加哥经营着一家缝纫小作坊。从这时 开始，米尔斯家族就一直从事着围裙、手术服和制服的制造工作。 直到1966后，吉姆和约翰正式创办了Medline。基于祖父的积累，这家公司刚成立，就拥有约185平方米 的仓库空间和一个 ...

Core Insights - Guangxi's first batch of high-tech enterprises for 2025 includes Zhonghong Medical's subsidiary, Guilin Hengbao Health Protection Co., Ltd, marking its entry into the national high-tech enterprise category [1][2] - Zhonghong Hengbao has a strong focus on R&D, investing over 15% of annual revenue into innovation, leading to breakthroughs in advanced materials and technologies [1][2] - The company has developed a brand matrix including "Medis," "Beili Le," and "Lifestyle," addressing industry pain points with innovative products [2] Company Achievements - Zhonghong Hengbao has accumulated over 60 patents, with several core technologies reaching international advanced levels [1] - The company has established advanced production lines, significantly increasing capacity and maintaining a leading position in the domestic industry [2] - The recognition as a high-tech enterprise is seen as a new starting point for the company to enhance R&D and drive product innovation [2][3] Future Directions - The company aims to focus on cutting-edge technology and enhance the intelligence and precision of medical protection products [2] - Zhonghong Hengbao plans to deepen cooperation across the industry chain and contribute to the development of regional high-tech industry clusters [2] - The company intends to expand its global market presence by developing segmented products tailored to various scenarios, promoting Chinese protection technology worldwide [2][3]

Core Viewpoint - Medline Industries is advancing its IPO process, aiming for a valuation exceeding $50 billion, with expected fundraising between $4 billion to $5 billion, marking it as a significant event in the medical device industry for 2025 [2][3]. Group 1: IPO Process and Financials - Medline's IPO was initially planned for the first half of 2025 but was postponed due to global trade uncertainties and increased supply chain costs from tariffs [3]. - The updated S-1 draft includes Q2 2025 financial data, showing adjusted revenue of approximately $93.5 billion and an expected EBITDA of $3.8 billion, reflecting a year-on-year growth of about 20% [5][6]. - The board is currently evaluating the timing for the IPO, with potential issuance in late 2025 or early 2026 depending on market conditions [5][6]. Group 2: Company Background and Market Position - Founded in 1966, Medline is the fourth-largest medical device company globally, offering over 550,000 clinical solutions, including surgical gloves and diagnostic equipment [7]. - Medline has a robust sales network across more than 125 countries, with over 70% of U.S. hospitals having purchased its products, indicating strong market penetration [7]. Group 3: Growth Strategy and M&A Activity - Medline's growth strategy includes both organic growth and acquisitions, having made several significant purchases to enhance its product lines and operational efficiency [8]. - Recent acquisitions include the $1.675 billion purchase of AngioDynamics' fluid management business and a $2.86 billion acquisition of Teleflex's respiratory systems business, which have contributed to revenue growth and improved gross margins [8]. Group 4: Industry and Market Implications - Medline's IPO is seen as a milestone for the medical device industry and a critical test for private equity exits, with expectations of significant returns for investors involved in its 2021 acquisition [9]. - The successful IPO could enhance Medline's international profile and capital strength, potentially leading to a wave of IPOs from other large medical distribution companies [9]. Group 5: Ongoing Uncertainties - Despite the renewed IPO process, uncertainties remain regarding global trade policies and market volatility, which could impact the timing and scale of the offering [10].