CNBC’s Leslie Picker reports on the upcoming pricing of Medline's IPO.

Medline, a leading manufacturer and distributor of medical supply products, is preparing to launch what could be the largest initial public offering worldwide in 2025. Sources indicate the IPO is likely to price at the high end of its range, potentially valuing the company at $55 billion—over $20 billion more than its 2021 private equity buyout. 

The IPO is regarded as a significant test for both the public markets and the private equity sector, which has faced challenges in exiting portfolio investments. Medline has reported consistent annual sales growth since the 1960s and plans to continue expanding through acquisitions, while also noting risks related to business concentration, product quality, and healthcare pricing pressures.

Medline poised as largest 2025 IPO globally

The IPO of medical supply company Medline expected to price tonight. It could be one of the largest debuts we've seen in the public markets this year. Leslie Picker tracks all that action for us. What do we expect. Yeah. Feels like 11th hour. I remember when these guys wasn't that long ago in private I guess. Right. Right. Back in 2021. Yeah. They went private during kind of the heyday of Vell B.O.'s and the pandemic. Obviously a medical supply company. You can see why that was an attractive buyout at that time. Right now in terms of the IPO guidance for investors is that this one will price toward the high end of the range. I'm told by sources which could make it the biggest IPO globally of 2025. Medline manufactures and distributes medical supply products things like masks gowns and lab kits. It was taken private as David mentioned by a consortium of private equity firms including Blackstone Carlisle and Hellman and Friedman back in 2021 which was then the largest LBO post financial crisis at the high end of its IPO range. Medline could buy could be valued at fifty five billion dollars which is more than 20 billion dollars higher than the sponsors paid for it. As a result it's seen as a key test not just for the IPO market which is ripe with a healthy backlog of 2026 deals but also the private equity industry which as we've discussed here many times has struggled over the past few years to find exits for its portfolio companies. Medline is perceived to have a sticky resilient business having grown net sales each year since inception in the 1960s at a CAGR of 18 percent. According to the prospectus the company says it will benefit from secular tailwinds like an aging population and consolidation of providers. Medline acquired several companies as well and plans to continue doing so. That's a key part of its growth strategy. Concentration within Medline's business and its customers is seen as both a tailwind and a risk in the prospectus. Quality problems product liability another risk factor listed as well as overall pricing pressures in the health care industry. But definitely one to watch. We should get some sense of final pricing after the close today guys.

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