Medical equipment and supply manufacturer Medline Industries confidentially submitted plans for a proposed initial public offering, potentially setting the stage for a blockbuster public debut next year.
Medline aims to raise more than $5 billion in its IPO expected to occur in 2025, Reuters reported last month, citing people familiar with the matter. The stock market flotation could value the medical supplies provider at about $50 billion and come as early as the second quarter, the sources said, cautioning that the company’s plans are subject to market conditions and could change.
The Northfield, Illinois-based company issued a press release Thursday announcing that it confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC) relating to the proposed IPO of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined, the company said.
The offering is subject to market and other conditions along with the completion of the SEC’s review process.
“No final decision about the IPO has been made, and any IPO would be subject to various factors, including market conditions,” a Medline spokesperson said in a statement sent via email to Fierce Healthcare.
The company is owned by private equity group Blackstone, Carlyle and Hellman & Friedman. Medline was acquired by its current owner in a deal worth $34 billion in 2021.
Medline says it’s the largest medical-surgical products and supply chain solutions provider. The company employs 43,000 people worldwide and operates in more than 100 countries. Medline is a private manufacturer and distributor of medical supply products for general medicine, specialty medicine, healthcare administrators and consumers. Its broad variety of products include sterile gloves, surgical blades, lab equipment, office supplies and wheelchairs, to name a few.
The company is primarily active in North America, where it runs more than 20 manufacturing sites. The company claims it brought in $21.2 billion in revenue during 2022.
The company was founded by brothers Jim and Jon Mills in 1966. It went public in 1972 and then returned to private company status in 1977.
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