In today’s briefing:
- Medline Inc. (MDLN): Largest Cash Raise IPO Since 2021’s Rivian Brings End of Year Opportunity
- Andersen Group Inc. (ANDG): Late-Year IPO Backed by Global Scale and Expanding Margins
- Medline (MDLN US): Global & US Index Inclusion; Overestimated Valuation?
- Weekly Update (VSNT, IDT, MICC)
Medline Inc. (MDLN): Largest Cash Raise IPO Since 2021’s Rivian Brings End of Year Opportunity
- Medline’s IPO is poised to be 2025’s largest, with a potential $5.4bn raise, positioning it as a key bridge deal into the 2026 IPO pipeline.
- Strong anchor demand and an oversubscribed book highlight investor appetite for scaled, mature healthcare platforms with durable cash flows.`
- Proceeds will materially reduce leverage, supporting a more balanced capital structure and reinforcing Medline’s long-term investment appeal.
Andersen Group Inc. (ANDG): Late-Year IPO Backed by Global Scale and Expanding Margins
- Andersen is offering 11.0mm shares at $14–$16, with early channel checks indicating a multiple-times oversubscribed book ahead of its December 17 debut.
- The firm has built a global advisory platform across tax, legal, and valuation services, delivering strong organic growth and meaningful margin expansion.
- Valuation appears reasonable versus peers, though year-end timing and recent IPO volatility may temper initial trading enthusiasm.
Medline (MDLN US): Global & US Index Inclusion; Overestimated Valuation?
- Medline (MDLN US) goes public on 17 December on Nasdaq with an estimated market cap of $40bn, 27% lower than the consensus of $55bn.
- Inclusion in US indices is expected in March 2026, as the security meets US eligibility criteria before the lock-up expiry.
- Inclusion in Global indices is expected in May and June 2026 with a potential delay to August due to low float cap.
Weekly Update (VSNT, IDT, MICC)
Comcast (CMCSA) will spin off Versant Media Group (VSNT), a portfolio of cable networks and digital platforms, as an independent public company in early 2026.
Comcast shareholders will receive 1 share of Versant (Class A or B) for every 25 shares of Comcast.
When issue trading of Versant (ticker: VSNTV) will begin around December 15, 2025.
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