Medline (MDLN) increased its IPO’s size at pricing to 216.03 million shares – up from 179 million shares – and priced the deal at $29.00 – $1.00 below the top of the range – to raise $6.26 billion on Tuesday night, Dec. 16, 2025. This is the biggest IPO of the year. Medline’s stock is expected to start trading tomorrow – Wednesday, Dec. 17, 2025 – on the NASDAQ.
At pricing, Medline had a market cap of $39.21 billion.
Goldman Sachs, Morgan Stanley, BofA Securities and J.P. Morgan were the joint lead book-runners. The investment banking team counted another 21 banks as joint book-runners and another 21 banks as co-managers.
Eight cornerstone investors had indicated an interest in buying up to $2.23 billion of stock. Members of the founding family – the Mills Family – had indicated an interest in acquiring up to about $250 million of stock.
Medline, founded in 1966, is based in the Chicago suburb of Northfield, Illinois. The company intends to use most of the IPO proceeds to repay $4 billion in debt. Its total debt stood at about $16.8 billion, as of Sept. 27, 2025, according to the prospectus.
Medline is controlled by three private equity firms – Blackstone, Carlyle and Hellman & Friedman (H&F) – that agreed in early June 2021 to buy a majority stake in the company for about $34 billion in what was one of the largest LBOs (leveraged buyouts) of all time.
Blackstone and Carlyle are also among the 21 co-managers of the IPO.
From the prospectus:
“We are the largest provider of medical-surgical (“med-surg”) products and supply chain solutions serving all points of care, based on total net sales of med-surg products,” Medline said in the prospectus.
“Through our two segments, Medline Brand and Supply Chain Solutions, we offer approximately 335,000 med-surg products, including surgical and procedural kits, gloves and protective apparel, urological and incontinence care, wound care, and consumable lab and diagnostics products.”
Medline provides these products through its network of 69 global distribution facilities, spanning over 29 million square feet of warehouse space, and its owned fleet of over 2,000 MedTrans trucks, enabling the company to provide next-day delivery to 95 percent of its U.S. customers, the prospectus said.
Medline is profitable: Net income of $1.3 billion on revenue of $26.7 billion for the 12 months that ended June 28, 2025.
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