Medical supply giant Medline Inc (NASDAQ:MDLN) made a strong return to public markets Wednesday, with shares opening at $35.00, marking a 20.7% increase from its initial public offering price of $29.00.
The Northfield, Illinois-based company raised approximately $6.26 billion in the largest U.S. IPO since Rivian Automotive’s 2021 listing and the biggest global offering of 2025.
Medline offered 216,034,482 shares of Class A common stock in its upsized IPO, with underwriters granted a 30-day option to purchase up to an additional 32,405,172 shares. The offering is expected to close Thursday, subject to customary conditions.
The company plans to use proceeds from 179 million shares to repay outstanding debt under its senior secured term loan facilities, with the remainder allocated for general corporate purposes and offering expenses. Proceeds from the additional 37 million shares and any shares from the underwriters’ option will be used to purchase or redeem equity interests from pre-IPO owners.
Goldman Sachs, Morgan Stanley, BofA Securities, and J.P. Morgan are serving as global coordinators and lead bookrunning managers for the offering.
Medline, founded in 1966, describes itself as the largest provider of medical-surgical products and supply chain solutions across all points of care. The company offers approximately 335,000 medical-surgical products through its two segments: Medline Brand and Supply Chain Solutions.
The company was briefly public in the 1970s before going private in 1977. In 2021, a private equity partnership comprising funds managed by Blackstone, Carlyle, and Hellman & Friedman acquired Medline from its founding family in a deal reportedly valued at more than $30 billion.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. Medline operates 69 global distribution facilities spanning over 29 million square feet and maintains a fleet of more than 2,000 trucks, enabling next-day delivery to 95% of its U.S. customers. The company employs over 43,000 people worldwide and operates in more than 100 countries.
For the nine months ended September 27, 2025, Medline generated $20.6 billion in net sales and $1 billion in net income, with an Adjusted EBITDA of $2.7 billion. For the full year 2024, the company reported $25.5 billion in net sales and $1.2 billion in net income.
