Medline Inc. (MDLN): Blockbuster Debut Caps 2025 With a Statement Win
Medline (MDLN US) delivered a resounding finish to the 2025 IPO calendar, pricing and trading with conviction in what became the year’s largest and most consequential public offering.
The company priced an upsized offering of 216.034 million shares at $29.00, in the upper half of the $26–$30 range, before opening sharply higher at $35.00. The first trade represented a 20.7% gain from issue price and set the tone for a powerful debut that reinforced investor appetite for scaled, durable healthcare platforms.
After opening, the stock continued to build momentum throughout the session, reflecting strong aftermarket demand across accounts. Shares traded as high as $41.25 before closing the opening day at $41.00, marking a 41% gain from the IPO price. The performance capped off a banner debut and allowed investors to close out the year with a clear “mega-winner,” positioning Medline as a defining transaction and a springboard into the 2026 IPO pipeline. The stock continued its strong trading in its second and third sessions and closed the week at $41.65 or 43.6% above issue.
The final offering size of 216.034 million shares represented a meaningful upsize from the originally marketed 179 million shares, underscoring the depth and quality of demand. In total dollars raised, the transaction stands as the largest IPO of the 2025 calendar year and the biggest cash-raising IPO since Rivian’s November 2021 debut.
Final deal color confirmed a heavily oversubscribed book, with allocations concentrated among high-quality, long-term investors. The top ten accounts received approximately 50% of the deal, while the top 25 accounted for roughly 80% of allocations—an indication of conviction-driven demand rather than momentum-driven participation.
Ahead of the IPO, we viewed the transaction positively, citing strong anchor interest, a flexible valuation range, Medline’s long operating history, and its ability to generate robust free cash flow in a stable end market. The first-day performance validated that view. With its scale, defensive characteristics, and visible growth levers, Medline enters the public markets as a core holding candidate for both near-term and long-term investors—and as a defining deal that sets a constructive tone for the 2026 IPO landscape.
Andersen Group Inc. (ANDG): Professional Services Platform Delivers Strong IPO Debut
Andersen Group (ANDG US) delivered a decisive and confidence-restoring debut, capping off the 2025 IPO calendar with a strong first-day performance. The company priced a full-size offering of 11.0 million shares at $16.00, the high end of its $14–$16 range, and immediately rewarded investors by opening at $21.00—up 31% from issue. Shares traded steadily higher throughout the session, reaching an intraday high of $24.48 before closing at $23.50, marking a gain of nearly 47% on the day
The strength of the aftermarket performance was particularly notable given the backdrop. Investor sentiment entering the week was fragile following the disappointing debut of Wealthfront Corporation (WLTH US), which had raised questions about year-end risk appetite and IPO durability. Furthermore, the IPO also was debuting amidst the much larger Medline (MDLN US) which set the 2025 top spot for cash-raised. Against that context, Andersen’s steady, methodical climb throughout the session stood out as a clear signal of conviction rather than short-term trading excess. Andersen traded as high as $27.51 in its third session before closing the week at $24.42.
In our view, Andersen’s debut validates the notion that investors remain selective—but highly responsive—to high-quality issuers with consistent growth, credible comps, and clean execution. The market broadly believes that Andersen is a company that can deliver with their wide ranging scope.
