Medline priced its upsized initial public offering at $29 per share for 216,034,482 shares of Class A common stock, according to a Dec. 16 news release from the company. Shares are expected to begin trading Dec. 17 on the Nasdaq Global Select Market under the ticker symbol MDLN.
The offering is set to close Dec. 18, subject to customary conditions. Medline granted underwriters a 30-day option to purchase up to 32,405,172 additional shares. Net proceeds from 179 million shares will be used to repay debt under its senior secured term loan facilities, and the remaining proceeds will be used to repurchase equity from pre-IPO owners.
The $6.3 billion offering exceeds Medline’s previous goal of $5 billion, which was projected to potentially value the company at up to $50 billion.
