US IPO Subscription: Medline (MDLN) US IPO Analysis

MedlineIndustries is the world's third-largest medical device company and the largest private medical product distributor in the United States. Founded in 1966 and headquartered in Illinois, it provides medical-surgical products and supply chain solutions to various healthcare institutions. Its products include healthcare products such as surgical and procedure kits, gloves and protective clothing, urology and incontinence care, wound care, and consumable laboratory and diagnostic products. It serves hospitals, surgical centers, physician offices, and post-acute care facilities, supporting patient care needs.

Medline's business is divided into two main segments: private-label products and supply chain solutions:

Private-label products contribute approximately 4850% of revenue and over 80% of adjusted EBITDA, with higher gross margins. This segment covers more than 335,000 products, including frontline care, surgical solutions, and laboratory and diagnostic products.

Supply chain solutions contribute about 50% of sales but with lower gross margins. The company ensures rapid delivery through its global supply chain, with a customer retention rate exceeding 98%.

In the first nine months of 2025, net profit was approximately $977 million, higher than the $911 million in the same period last year; revenue reached $20.6 billion, up from $18.7 billion in the same period last year.

The company's revenue continued to grow steadily in the first three quarters of 2025, up 10% year-on-year. Due to tariff impacts, pre-tax net profit for 2025 is expected to decrease by approximately $325 million to $375 million.

This IPO plans to issue 179 million shares, with a price range of $26-$30 per share. The subscription period is from December 9 to December 16, with a maximum fundraising amount of $5.37 billion and a valuation of up to $55.3 billion, making it the largest IPO in the U.S. stock market this year.

Medline (MDLN) IPO Key Information

Item	Data
IPO Fundraising Size	$4.65-$5.37 billion
Number of Shares Issued	179 million shares
Price Range	$26-$30 per share
Planned Exchange	NASDAQ
Stock Code	MDLN
Subscription Deadline	Before 19:00 on December 16
Minimum Subscription Amount	$100
Subscription Platform	moomoous
Listing Date	December 17
Cornerstone Investors	11 institutions subscribed to $2.4 billion (47%)
Underwriters	Morgan Stanley, Goldman Sachs, etc.

Currently, the main broker supporting MDLN's U.S. stock IPO is: Futu Securities. Subscription process: New stock subscription -- U.S. stocks -- Subscription amount/quantity -- Submit. U.S. stock IPOs do not require market value or handling fees.U.S. stock IPO allocations follow the principles of inclusivity and weighted subscription amounts. Although there are no fees for U.S. stock IPOs, subscription funds will be frozen, and unallocated portions will be returned to the account after the announcement.

U.S. stock trading adopts a T+0 system, meaning stocks bought on the same day can be sold on the same day. Stocks can be sold on the first day of listing, depending on how much is allocated.

Summary

MDLN is a leader in the medical supply chain sector, with decent fundamentals and steady financial growth. It is cyclical, benefiting from policy dividends but affected by policies (about 8% of the company's product costs come from Chinese manufacturing, impacted by trade barriers and freight fluctuations), high valuation (based on a $55.3 billion valuation, the P/E ratio is about 51x, far exceeding the industry average of 30x), and debt risks, with an expected increase of 10-15%.Subscribe now!!

MDLN conflicts with 6 other IPOs: Xidi Zhijia, Zhihui Mining, BenQ Hospital, Huaren Bio-B, Impression Dahongpao, and Nanhua Futures. You can only choose some to subscribe to.