Medline's secondary share offering was multiple times oversubscribed

Investing.com -- A share offering of Medline Inc. by affiliates of Blackstone Inc., Hellman & Friedman LLC and Abu Dhabi Investment Authority drew demand for multiple times the available shares after a late increase in size, Bloomberg reported Friday.

Medline ended up offering 72.6 million shares by holders priced at $37 per share. The medical supplier's offering was priced at a 1.9% discount to Tuesday's closing price of $37.70, which was the last close before the offering was announced early Wednesday.

Allocations were heavily skewed toward long-only investors, according to the report. The 10 largest investors in the offering took 55% of the shares, while the top 25 investors took 75%, people familiar with the matter said.

Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp. and JPMorgan Chase & Co. served as underwriters on the offering.

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