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Incoming IPOs: Andersen Group Corp (ANDG) and Medline Inc (MDLN) Going Public This Week

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Upcoming IPOs This Week: Andersen Group Corp (ANDG) and Medline Inc (MDLN) – December 17, 2025

As the 2025 IPO market winds down, two major offerings are scheduled to price and debut on **Wednesday, December 17**. Andersen Group Corp brings a professional services story to the NYSE, while Medline Inc aims for one of the largest healthcare IPOs in years on NASDAQ. Together, they could raise over **$5.5 billion**.

## Andersen Group Corp (ANDG) – NYSE

### 1. Company Overview

Aspect Details
Founded 2014 (successor to Arthur Andersen legacy)
Headquarters San Francisco, CA
Employees ~2,300
Key Services Tax advisory, valuation, financial consulting
Website andersen.com

### 2. IPO Valuation & Bookrunners

Aspect Details
Shares Offered 11 million (+1.65M overallotment)
Price Range $14.00 – $16.00
Expected Raise $154M – $176M (midpoint $165M)
Implied Valuation Up to $1.75 billion
Lead Bookrunners Morgan Stanley, UBS Investment Bank
Joint Bookrunners Deutsche Bank Securities, Truist Securities, Wells Fargo Securities
Co-Managers Baird, William Blair
Sponsors None (partner-led, no major PE backing)

### 3. Analysis & Outlook

Andersen has delivered consistent revenue growth (~$732M pro forma 2024) driven by complex tax needs and high-net-worth demand. The sector benefits from regulatory changes and M&A activity.

**Expected Outcome**: Solid demand for the “Arthur Andersen resurrection” narrative. Likely pricing at midpoint/high end with 10–20% first-day pop possible. Risks: historical baggage and market volatility.

## Medline Inc (MDLN) – NASDAQ

### 1. Company Overview

Aspect Details
Founded 1966
Headquarters Northfield, IL
Employees ~43,000 (global)
Key Segments Medline Brand products, Supply Chain Solutions
Website medline.com

### 2. IPO Valuation & Bookrunners

Aspect Details
Shares Offered 179 million (+~27M overallotment)
Price Range $26.00 – $30.00
Expected Raise $4.65B – $5.37B (midpoint ~$5.0B)
Implied Valuation Up to $55 billion
Lead Bookrunners Goldman Sachs, Morgan Stanley, BofA Securities, J.P. Morgan
Joint Bookrunners Barclays, Citi, Deutsche Bank, Jefferies, UBS (21 total)
Sponsors Blackstone, Carlyle Group, Hellman & Friedman

### 3. Analysis & Outlook

Medline dominates with vertical integration, private-label manufacturing, and long-term contracts. Defensive healthcare demand provides resilience.

**Expected Outcome**: Strong anchor commitments support upper-end pricing ($29–$30) and potential 15–25% first-day gain. Tariff concerns may add volatility, but overall robust debut anticipated.

These two deals cap a busy 2025 primary market with combined potential of **over $5.5 billion** raised. Watch final terms and early trading for clues on year-end investor sentiment.

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