Carvina Capital: Medline’s IPO Could Top Charts
Healthcare supply chain flotation, valuation scenarios, liquidity appetite, S-1 filing signals, private equity exit context and institutional demand for large, cash-generative listings
SINGAPORE, SG / ACCESS Newswire / October 11, 2025 /In the current issuance window, Carvina Capital Pte. Ltd. highlights Medline Industries as the potential pace-setter for US new issues, with a proposed float that targets approximately $5 billion in gross proceeds at launch and contemplates an equity valuation near $50 billion at pricing. The timetable under discussion points to a public filing in the coming weeks and first trading shortly thereafter, subject to market conditions and regulatory confirmation.
Scale and essential product coverage continue to anchor institutional focus. Over the latest reported financial year, Medline records net sales of $25.5 billion and a global workforce above 43,000 at the latest disclosure, indicators that support visibility on cash generation and distribution reach. For Peter Jacobs, Director of Private Equity at Carvina Capital, "scale, liquidity and clear earnings visibility in the current quarter concentrate institutional interest in healthcare issuance. "
Private equity context shapes valuation discourse. Medline 's capital structure reflects a $34 billion buyout in 2021, and a reference equity value near $50 billion implies a 47% uplift since the 2021 acquisition. In Jacobs 's words, "a prospective $50 billion equity story set against non-discretionary demand recalibrates the IPO calendar, with investors weighing free cash conversion and the durability of hospital and outpatient volumes. "
Sizing alternatives remain in active discussion. Separate scenarios translate to $5.5 billion of primary capital and a corresponding equity value around $55.3 billion at the stated conversion rate, reinforcing the possibility of a lead transaction in the current window for large US listings. As Jacobs frames it, "bookbuilding works best where free float breadth balances post listing stability, since that alignment supports early-session liquidity without compromising operational focus. "
Pipeline dynamics provide further context. Healthcare new issues in the present cycle appear limited in number, which channels attention toward sizeable, cash-generative companies with recurring revenue characteristics. Carvina notes that index inclusion potential, securities lending availability and borrow depth also enter portfolio construction decisions for both active and passive mandates. According to Jacobs, "investors look through short-term noise to recurring cash generation, unit economics and distribution resilience over the preceding 12-month period. "
Disclosure remains the next determinant of market tone. The forthcoming S-1 is expected to set out use of proceeds, segment performance, capital structure and governance arrangements that inform pricing and allocation decisions. In Jacobs 's view, "the S-1 deserves a line-by-line reading before any allocation decision, since formal disclosures, not heuristics, define the baseline for risk assessment. "
Operational considerations continue to support the investment case. Medline 's logistics footprint, technology architecture and resilience programme, including multi-site distribution capacity and cloud-enabled planning tools, position the business to service hospital, outpatient and long-term care settings across cycles. The underlying demand profile for gloves, gowns, disposables and procedural kits provides repeat purchase dynamics that help smooth revenue over the preceding 12-month period, which many institutions prefer when adjusting exposures into the current quarter.
Risk factors remain part of the assessment. Rates, inflation expectations, policy signals and geopolitics influence buy-side risk budgets through the roadshow period. Execution depends on stable funding markets, clear governance frameworks and disciplined capital deployment. As Jacobs notes, "order books reward clarity on balance sheet priorities, especially where free cash supports prudent deleveraging and focused investment over the next 12-month period. "
If the schedule holds, the prospective transaction sets a reference point for healthcare issuance and the broader IPO pipeline in the near term. Carvina continues to assess disclosures, market tone and secondary-market setup through the pricing window, with attention on final sizing, valuation discipline and early trading dynamics.
About Carvina Capital
Carvina Capital Pte. Ltd. (UEN: 201220825D) is a Singapore-based investment firm established in 2012. The firm concentrates on research-driven, long-only strategies in listed equities for institutional and professional investors, while evaluating pathways that could open selected products to retail clients. Its research process and disciplined risk management aim to compound capital across full market cycles. Further information is available at https://carvina.com. Media enquiries: Huacheng Yu, media@carvina.com
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SOURCE:Carvina Capital Pte. Ltd.
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