(Bloomberg) -- Medline Industries Inc.’s owners have picked banks for its US initial public offering, according to people familiar with the matter.

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Goldman Sachs Group Inc. and Morgan Stanley are leading the medical supplies giant’s planned listing, which is likely to take place in the second quarter of 2025, the people said.

The Northfield, Illinois-based company’s backers have also selected JPMorgan Chase & Co. and Bank of America Corp. for the offering, and are in discussions with additional banks for roles on the deal, the people said. The offering could fetch more than $5 billion, one of the people said.

A Medline IPO could value the company at as much as $50 billion, Bloomberg News reported in July. Blackstone Inc., Carlyle Group Inc. and Hellman & Friedman’s $34 billion leveraged buyout of Medline in 2021 was among the largest of all time.

Details of the offering including timing may change, and more banks could be added to the lineup, the people said, asking not to be identified as the information isn’t public. Reuters reported the potential size of the deal earlier this month.

Representatives for Morgan Stanley, JPMorgan, Bank of America, Blackstone, Carlyle and Hellman & Friedman declined to comment. Representatives for Goldman Sachs and Medline didn’t immediately respond to requests for comment.

Medline is the biggest private US manufacturer of medical supplies such as gloves, gowns and exam tables used by hospitals and doctors. It has about 43,000 employees worldwide and more than $23 billion in sales, according to its website.

--With assistance from Michelle F. Davis.

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