In today’s briefing:
- Medline Aims for a $5 Billion IPO as America’s Largest Privately Held Medical Supplier
- Wall Street Takes a Hard Look at Andersen’s Next Act
- HashKey Holdings Pre-IPO: Ok-Ish Cornerstones but Too Expensive
- JD Industrials IPO Trading – Decent Pricing but Weakish Demand
- Cardinal Infrastructure Group (CDNL): CDNL Lays a Solid Foundation as IPO Opens Above Expectations
- Hashkey Holdings (3887 HK) IPO: Pricing Uncertainties Expensively
- Pre-IPO Chando Global Holding – Low Growth and Profitability Are Pain Points
Medline Aims for a $5 Billion IPO as America’s Largest Privately Held Medical Supplier
- Medline Inc., the Northfield, Illinois–based medical products manufacturer and distributor, is advancing toward one of 2025’s largest IPOs.
- The company plans to raise $5.0 billion by offering 179 million Class A shares at a price range of $26–$30, with an expected listing on the Nasdaq Global Select Market under the ticker MDLN.
- At the midpoint valuation of $28, Medline would command a fully diluted market capitalization of approximately $37.3 billion, positioning it among the year’s most significant offerings.
Wall Street Takes a Hard Look at Andersen’s Next Act
- Andersen Group Inc., a San Francisco–based tax and advisory firm, has set terms to raise approximately $165 million in its upcoming NYSE IPO by offering 11 million Class A shares priced in a range of $14–$16 per share.
- At the midpoint, the deal implies a market capitalization of roughly $1.64 billion based on 109.3 million total shares outstanding after the offering.
- The company will trade under the ticker ANDG, with Morgan Stanley, UBS Investment Bank, Deutsche Bank Securities, Truist, Wells Fargo, Baird, and William Blair leading the underwriting syndicate.
HashKey Holdings Pre-IPO: Ok-Ish Cornerstones but Too Expensive
- HashKey (3887 HK) is looking to raise up to US$215m in its upcoming Hong Kong IPO.
- It operates the largest licensed crypto exchange in Hong Kong.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
JD Industrials IPO Trading – Decent Pricing but Weakish Demand
- JD Industrials (7618 HK) raised around US$383m, after pricing in its Hong Kong IPO at the mid-point.
- JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
- We looked at the company’s past performance in our earlier notes. In this note, we talk about the trading dynamics.
Cardinal Infrastructure Group (CDNL): CDNL Lays a Solid Foundation as IPO Opens Above Expectations
- Cardinal Infrastructure debuted with a disciplined, well-supported IPO, opening 9.5% above pricing and finishing the session up nearly 12%.
- Strong demand—multiple-times oversubscribed with no price sensitivity—validated the company despite limited sector momentum.
- Cardinal’s diversified, margin-expanding infrastructure platform and conservative leverage profile underpin long-term scalability and investor confidence.
Hashkey Holdings (3887 HK) IPO: Pricing Uncertainties Expensively
- At the top end of the price range (HK$6.95), HashKey (3887 HK)‘s IPO equals a FY26F P/S of 14.9x, and this is not a particularly appealing level.
- While it is the industry leader in the region and Hong Kong, it is expected to stay in the red for FY25-27, making a PER comparison meaningless.
- Tiny public shareholder base, cryptocurrency volatilities, and the increasingly competitive environment heightened risks. Only a low-end IPO price, or 12.7x FY26F P/S, is attractive.
Pre-IPO Chando Global Holding – Low Growth and Profitability Are Pain Points
- Revenue growth is just at the industry level and the growth rate is lower than the CAGR of market size of domestic brands. So, CHANDO is not a fast-growing company.
- Profit margin is disappointing due to high selling and marketing costs. Net profit fluctuated. This reflects that CHANDO’s profit model is not yet stable, with relatively weak risk resistance capacity
- Due to lower performance growth and profit margin, we think valuation of CHANDO would be lower than peers such as Giant Biogene, Mao Geping, Chicmax in Hong Kong market.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
