Medline closes $7.2 billion IPO with full underwriter option exercise

Medline Inc. (NASDAQ: MDLN) completed its initial public offering on December 18, closing the sale of 248,439,654 shares of Class A common stock at $29.00 per share. The offering included the full exercise of underwriters' option to purchase an additional 32,405,172 shares.

The medical supply company will use proceeds from 179 million shares to repay outstanding debt under its senior secured term loan facilities, with remaining funds allocated for general corporate purposes and offering expenses. Proceeds from the remaining 69.4 million shares will be used to purchase or redeem equity interests from pre-IPO owners.

Goldman Sachs, Morgan Stanley, BofA Securities and J.P. Morgan served as global coordinators and lead bookrunning managers for the offering. Additional bookrunning managers included Barclays, Citigroup, Deutsche Bank Securities, Jefferies, UBS Investment Bank, and Evercore ISI, among others.

The Securities and Exchange Commission declared the registration statement effective on December 16. Medline's Class A common stock trades on the Nasdaq Global Select Market under the ticker symbol MDLN.

Based in Northfield, Illinois, Medline describes itself as a provider of medical-surgical products and supply chain solutions. The company employs more than 43,000 people worldwide and operates in more than 100 countries, according to the press release.

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