Medline Inc (MDLN.US) Launches $6.26 Billion IPO on Nasdaq, Marking 2025's Largest U.S. Listing

Medline Inc (MDLN.US) has secured $6.26 billion in the year’s largest U.S. IPO, pricing 216 million shares at $29 apiece—the top of its marketed range—before debuting on Nasdaq later on December 17, 2025. The offering values the company at approximately $39 billion based on SEC-filed share counts.

Backed by private equity giants Blackstone, Carlyle Group, and Hellman & Friedman—which jointly acquired Medline’s majority stake for $34 billion in 2021, one of history’s largest leveraged buyouts—the IPO also drew $2.35 billion in cornerstone investments from Baillie Gifford, Capital Group, Counterpoint Global (Morgan Stanley), Durable Capital Partners, GIC, Janus Henderson, Viking Global, and WCM Investment Management.

Medline’s listing surpasses Contemporary Amperex Technology’s $5.26 billion Hong Kong IPO earlier this year and Venture Global’s $1.75 billion U.S. offering in January. It also sets a record as the largest majority-stake IPO by a PE-backed firm, eclipsing Lineage Inc’s $5.1 billion 2024 debut.

Notably, only five U.S.-listed companies have raised over $5 billion in the past decade: Uber (UBER.US), Lineage (LINE.US), Rivian (RIVN.US), Arm Holdings (ARM.US), and now Medline.

Originally targeting $4.6–$5.4 billion via 179 million shares at $26–$30, Medline delayed its H1 2025 plans due to tariff uncertainties and a federal government shutdown, finally filing publicly post-shutdown (ended November 12).

Post-IPO, the Mills family (founders in 1966) will retain 17.8% voting power, while Blackstone, Carlyle, and Hellman & Friedman each hold 18%. The Millses committed to buying up to $250 million in shares. Under CEO Jim Boyle—the first non-family leader—Medline expanded via Ecolab’s $905 million surgical solutions acquisition (2024) and $1.6 billion in distribution network upgrades over five years.

The medical supplier, offering 335,000 products (e.g., gloves, surgical gowns) with next-day delivery to 95% of U.S. clients, reported $20.6 billion revenue and $977 million net profit for the nine months ending September 27 (up from $18.7 billion and $911 million YoY). Goldman Sachs, Morgan Stanley, BofA, and JPMorgan led the offering, supported by 21 joint bookrunners and co-managers.