17 Dec 2025
Medline raises $1.45 bln in massive U.S. IPO
Medical supply behemoth Medline Inc (NASDAQ:MDLN) made a remarkable comeback to the public markets on Wednesday, with its shares debuting at $35.00. This opening price reflects a significant 20.7% increase from the initial public offering (IPO) price of $29.00. Based in Northfield, Illinois, Medline successfully raised approximately $6.26 billion, marking it as the largest U.S.
IPO since Rivian Automotive's listing in 2021 and the most substantial global offering of 2025. The company offered 216,034,482 shares of Class A common stock in this upsized IPO, with underwriters receiving a 30-day option to acquire an additional 32,405,172 shares. The offering is anticipated to close on Thursday, pending customary conditions.
The funds generated from the sale of 179 million shares are primarily earmarked for repaying outstanding debt related to its senior secured term loan facilities. The remaining proceeds will be allocated for general corporate purposes and covering offering expenses.
Furthermore, proceeds from the additional 37 million shares, along with any shares acquired through the underwriters' option, will be utilized to purchase or redeem equity interests from pre-IPO owners. Prominent financial institutions such as Goldman Sachs, Morgan Stanley, BofA Securities, and J.P. Morgan are serving as global coordinators and lead bookrunning managers for this significant offering.
Founded in 1966, Medline positions itself as the largest provider of medical-surgical products and supply chain solutions across various healthcare settings. The company boasts an impressive catalog of approximately 335,000 medical-surgical products, which are divided into two primary segments: Medline Brand and Supply Chain Solutions.
Medline briefly entered the public market in the 1970s before transitioning to a private entity in 1977. In 2021, a consortium of private equity firms, including Blackstone, Carlyle, and Hellman & Friedman, acquired Medline from its founding family in a deal reportedly valued at over $30 billion, highlighting the company's significant market value and potential.
Medline's operational capabilities are extensive, with 69 global distribution facilities that encompass over 29 million square feet. The company maintains a fleet of more than 2,000 trucks, allowing it to achieve next-day delivery for 95% of its U.S. customers.
This logistical prowess is crucial in an industry where timely delivery of medical supplies can directly impact patient care. With a workforce exceeding 43,000 employees worldwide, Medline operates in over 100 countries, emphasizing its global reach and commitment to providing quality healthcare solutions.
In addition to its impressive product offerings and logistical capabilities, Medline is also committed to sustainability and ethical practices. The company has initiated various programs aimed at reducing waste and improving the environmental impact of its operations.
As healthcare continues to evolve, Medline's strategic initiatives and robust infrastructure position it well to meet the increasing demands of the global medical supply market, ensuring that it remains a vital player in the healthcare industry for years to come.
