①US medical devices Medline, a tech giant, will decide on its IPO pricing on Tuesday. If it reaches the upper limit of the offering price range, its fundraising size will "narrowly surpass" that of CATL. ② CATL listed on the Hong Kong Stock Exchange in May, raising HK$41 billion, which is the largest IPO so far in 2025.
As 2025 draws to a close, the Hong Kong Stock Exchange is crushing the NYSE and Nasdaq. It is an undeniable fact that the stock exchange has won the title of the largest IPO this year, but there is still one question to be answered: Which company will have the largest IPO in 2025?
As background, as part of this year's "A+H" listing wave, the world's largest electric vehicle battery Manufacturer CATL listed on the Hong Kong Stock Exchange in May, raising HK$41 billion (approximately US$5.27 billion), which is the largest IPO to date in 2025.
CATL 's challenger is Medline , an American medical supplies manufacturer. The company is scheduled to decide its IPO pricing on Tuesday evening and list on the Nasdaq Global Select Market on Wednesday.
According to Medline's prospectus filed with the U.S. Securities and Exchange Commission, the company plans to issue 179 million shares, priced between $26 and $30. If priced at the upper end of the range, Medline will raise $5.37 billion, slightly surpassing CATL .
Tuesday's latest news also indicates that this matter is not yet settled.
According to sources familiar with the matter, Medline is guiding potential investors to anticipate its IPO will be priced in the " upper half of the offering price range ." Simple calculations show that if Medline's IPO price is below $30, it will not surpass CATL's . The sources also revealed that Medline's IPO attracted orders approximately 10 times the number of shares available for subscription.
As the world's largest distributor of medical devices , Medline manufactures and sells over 100,000 medical products globally and is a major customer of many A-share listed medical consumables companies. Founded in 1966, the company's origins can be traced back to a butcher's apron workshop at a meat processing plant in 1910. Later, it entered the medical consumables business after receiving a request from a local hospital to begin manufacturing and selling medical clothing.
In the decades that followed, Medline invented the world’s first 360-degree surgical gown and pioneered the commercialization of blue and green fabrics used to reduce glare in the operating room.
In June 2021, the Mills family, who previously owned 100% of the company, sold a majority stake to a consortium of private equity firms including Blackstone and Carlyle, for a valuation of $30 billion. Based on estimates, assuming an IPO price range of $26-$30, the remaining shares held by the Mills family are worth approximately $6-7 billion.
This deal also boosted Medline's growth. The company's sales reached $25.5 billion in 2024, an 83% increase from $13.9 billion five years earlier, while profits also rebounded to $1.2 billion from slight losses in the previous two years.
According to the prospectus, in the nine months ending September 27, Medline achieved adjusted EBITDA of $2.66 billion, net profit of $977 million, and revenue of $20.6 billion.
(Article source: CLS)
