(Adds background on Medline, details on IPO market, paragraphs 5-6 and 8)
NEW YORK, Nov 21 (Reuters) – Private equity-owned Medline Industries is aiming to raise more than $5 billion in its U.S. initial public offering expected to occur in 2025, people familiar with the matter told Reuters on Thursday.
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.
Northfield, Illinois-based Medline, which is owned by buyout firms Blackstone, Carlyle, and Hellman & Friedman, has invited several investment banks to pitch for lead roles on what is likely to be one of the marquee IPOs next year, the sources said, requesting anonymity as the discussions are confidential.
Medline did not immediately respond to requests for comment. Blackstone, Carlyle, and Hellman & Friedman declined to comment.
The preparations for a stock market flotation come as dozens of other high-profile names are gearing up for potential listings next year, after several bouts of market volatility shut down the IPO market for much of the last two years.
AI cloud platform operator CoreWeave and cybersecurity firm SailPoint are among those pushing ahead with their plans for stock market debuts next year, the sources said.
Medline, which was acquired by its current private equity owners in a deal worth $34 billion in 2021, is one of the largest manufacturers and distributors of medical supplies such as surgical equipment, gloves and laboratory devices used by hospitals around the world.
The company was founded in 1966 by brothers James and Jon Mills and it went public in 1972, before being taken private again by the brothers. Its longtime CEO Charlie Mills, the son of James Mills, retired from Medline last year, with company veteran Jim Boyle replacing him at the helm.
Medline, which employs about 43,000 people worldwide and operates in more than 100 countries, generates annual sales of more than $23 billion, according to its website.
Bloomberg reported on Medline’s IPO preparations in July. (Reporting by Echo Wang in New York Editing by Anirban Sen, Bill Berkrot and Matthew Lewis)
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