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Medline Shareholders Seek $3.4 Billion Stake Sale
Major Backers Move to Sell 75 Million Shares After Strong Post-IPO Rally
Key Takeaways:
- Medline Inc. shareholders moved to sell 75 million shares worth $3.4 billion after a 58% rally since the company’s December IPO.
- The offering follows significant gains that made Medline’s IPO the largest in the U.S. last year as major investors such as Blackstone and Carlyle seek to capitalize.
- Shares slipped in premarket trading March 3 as Goldman Sachs, Morgan Stanley, Bank of America and JPMorgan arranged the sale.
Medline Inc. shareholders are offering 75 million shares in the company, capitalizing on a rally in the medical supplier’s stock since its debut late last year.
Shareholders including Blackstone Inc., Carlyle Group Inc., Hellman & Friedman and the Abu Dhabi Investment Authority are offering the shares, according to a filing the morning of March 3. The stake would be worth $3.4 billion at the March 2 closing price, according to Bloomberg calculations.
The stock had rallied 58% since its December initial public offering, which was the largest of the year in the U.S., through market close March 2. Shares slid as much as 5.5% in premarket trading on March 3.
Goldman Sachs Group, Inc., Morgan Stanley, Bank of America Corp. and JPMorgan Chase & Co. are arranging the offering.
Medline ranks No. 30 on the Transport Topics Top 100 list of the largest private carriers in North America.
