Medline’s $2.7 billion stock sale puts demand for IPO favorite on the line
Medline shareholders priced a 72.6 million-share secondary offering at $37 each, raising $2.68 billion, with the company receiving no proceeds. Shares traded near $37 late Friday, above the $29 IPO price but below December’s peak. The offering was upsized from 60 million shares, with underwriters holding an option for more. Major sellers include affiliates of Blackstone, Hellman & Friedman, and Abu Dhabi Investment Authority.