Medline Aims for 50 Billion Dollar IPO, Largest of 2024

Medline, a leading manufacturer of medical supplies, is reportedly considering submitting an initial public offering (IPO) application as early as the end of October. This move, if successful, could make it the largest IPO in the United States for the year, with an estimated fundraising target of 50 billion dollars. The company's backers include notable investment firms such as Blackstone, Carlyle Group, and Hellman & Friedman.

Medline, headquartered in Northfield, Illinois, had previously filed a confidential registration statement in December of last year. If the company formally submits its application in October, it could potentially complete its listing as early as November.

Goldman Sachs and Morgan Stanley are reportedly serving as the lead underwriters for this IPO, with Medline's valuation potentially reaching as high as 500 billion dollars. Other institutions, including JPMorgan Chase and Bank of America, are also expected to participate in the underwriting process.

The current market conditions, with the benchmark index near historical highs and low volatility, present a favorable environment for Medline's IPO. While the total amount raised through IPOs in the United States this year has been modest compared to the average over the past decade, it has already surpassed the total for the entire year of 2024. If Medline successfully raises 50 billion dollars, it would surpass the 17.5 billion dollars raised by Venture Global in January, making it the largest IPO of the year.

Medline's product portfolio includes a wide range of medical supplies used in hospitals and healthcare facilities, such as gloves, surgical gowns, and examination tables. The company employs over 43,000 people globally and reported net sales of approximately 255 billion dollars in 2024. Notably, in 2021, private equity firms including Blackstone and Carlyle Group completed a 340 billion dollars leveraged buyout of Medline, which was one of the largest private equity transactions in history.