Medical product maker and distributor Medline (MDLN) is guiding prospective investors to expect its IPO to be priced at the upper half of the marketed range, Bloomberg News reported, citing people familiar with the matter.
Last week, the Northfield, Illinois-based MedTech disclosed plans to offer 179M shares at a price range of $26 - $30 apiece, in what could be the largest U.S. IPO this year, with $5.37B in proceeds, if all goes to plan.
The company has received orders for about 10 times the number of shares available, the people said.Medline (MDLN), set to trade under the ticker symbol MDLN on the Nasdaq Global Select Market, is on track to price the IPO late Tuesday, they added, seeking anonymity as information is not yet public.
Banks halted order taking from institutional investors on Monday at 4 p.m. ET. In addition to 21 joint bookrunning managers and 21 co-managers, Goldman Sachs, Morgan Stanley, Bank of America, and JPMorgan Chase are involved with the IPO.
Medline (MDLN), whose backers include Carlyle Group (CG), Blackstone (BX), and Hellman & Friedman, has generated $977M of net income on $20.6B in revenue over the first nine months of this year, indicating ~10% and ~7% YoY growth, respectively.
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