Medline’s (MDLN) upsized $6.26B initial public offering was more than 10 times oversubscribed, according to people familiar with the matter.
The top 10 investors received over 50% of the shares, while the top 25 investors accounted for more than 80% of allocations.
Management and Medline’s private equity backers played a significant role in setting investor allocations. Medline is backed by Blackstone, Carlyle Group, and Hellman & Friedman. The IPO was led by Goldman Sachs, Morgan Stanley, Bank of America, and JPMorgan Chase.
The Northfield, Illinois–based company sold 216M shares at $29 each, exceeding its original plan to offer 179M shares at $26 to $30/share, which would have raised up to $5.37B.
The medical product maker and distributor plans to use proceeds from its 179M-share offering primarily to repay senior secured term loan debt, with the remainder for general corporate purposes and offering expenses.
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