Medical supplies company Medline aims to raise over $5 billion in its IPO in 2025, sources said

(Adds background information on Medline, IPO market details, paragraphs 5-6 and 8)

NEW YORK, Nov 21 (Reuters) – Private equity firm Medline Industries is aiming to raise more than $5 billion in its U.S. initial public offering, expected to take place in 2025, people familiar with the matter said on Thursday to Reuters.

The IPO could value the medical supplies provider at about $50 billion and come as early as the second quarter, the sources said, warning that the company’s plans are subject to market conditions and could change.

Northfield, Illinois-based Medline, owned by buyout firms Blackstone, Carlyle and Hellman & Friedman, has invited several investment banks to compete for leadership roles in one of its key initial public offerings next year, the sources said. Please remain anonymous as the discussions are confidential.

Medline did not immediately respond to requests for comment. Blackstone, Carlyle and Hellman & Friedman declined to comment.

Preparations for an initial public offering are underway as dozens of other household names prepare for potential initial public offerings next year after several bouts of market volatility paralyzed the IPO market for much of the past two years.

AI cloud platform operator CoreWeave and cybersecurity firm SailPoint are among those pushing ahead with plans for stock market debuts next year, the sources said.

Medline, which was acquired by its current private equity owners in a deal valued at $34 billion in 2021, is one of the largest manufacturers and distributors of medical supplies such as surgical equipment, gloves and laboratory equipment used by hospitals in the be used all over the world.

The company was founded in 1966 by brothers James and Jon Mills and went public in 1972 before being taken private again by the brothers. Its longtime CEO, Charlie Mills, the son of James Mills, retired from Medline last year and was replaced at the helm by company veteran Jim Boyle.

Medline, which employs about 43,000 people worldwide and operates in more than 100 countries, has annual revenue of more than $23 billion, according to its website.

Bloomberg reported on Medline’s IPO preparations in July. (Reporting by Echo Wang in New York, Editing by Anirban Sen, Bill Berkrot and Matthew Lewis)