Medline, Inc. (MDLN Proposed) rolled out its blockbuster IPO this afternoon after disclosing the terms – 179 million shares – all offered by the company – at a price range of $26.00 to $30.00 to raise $5.01 billion – if priced at the $28.50 mid-point of its range. Medline’s deal will be the biggest IPO of the year so far. At pricing, Medline would have a market cap of $37.5 billion – assuming the deal prices at the $28.50 mid-point of its range.
Medline, the world’s largest provider of medical-surgical products and supply chain solutions, dropped the news about an hour before the closing bell. Medline plans to price its IPO next week – on Tuesday night, Dec. 16, to trade Wednesday, Dec. 17, on the NASDAQ.
Goldman Sachs, Morgan Stanley, BofA Securities and J.P. Morgan are the global coordinators and the joint lead managers.
Another 21 investment banks are on the joint book-running team. The co-managers’ line-up also totals 21 investment banks.
Medline’s filing – long anticipated – created a stir late this afternoon.
“The deal is LIVE,” an IPO pro said.
Medline, founded in 1966 and based in the Chicago suburb of Northfield, Illinois, intends to use some of the IPO proceeds to repay $4.0 billion in debt.
Its total debt stood at about $16.8 billion, as of Sept. 27, 2025.
Three private equity firms – Blackstone, Carlyle and Hellman & Friedman (H&F) – are Medline’s largest principal stockholders.
The founding Mills Family has indicated an interest in buying up to $250 million of stock at the IPO price. Their stock will be subject to a lock-up agreement with the underwriters.
The “cornerstone investors” have, severally and not jointly, indicated an interest in purchasing up to an aggregate of $2.35 billion in Class A common stock in this offering at the IPO price – and their stock will NOT be subject to a lock-up agreement with the underwriters, according to the prospectus:
- Baillie Gifford Overseas Limited, acting on behalf of a number of its and its affiliates’ clients;
- One or more funds and/or accounts managed by Capital Research Global Investors;
- Counterpoint Global (Morgan Stanley Investment Management);
- One or more funds managed by Durable Capital Partners LP;
- GIC Private Limited,
- Janus Henderson Investors,
- Viking Global Investors LP, on behalf of certain of its clients, and
- Certain investment funds and accounts managed by WCM Investment Management, LLC.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com website.)
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