Medline Debuts on Nasdaq, Raises $6.26 Billion in Year’s Largest IPO
Medline Industries debuted on the Nasdaq on Wednesday in the highly anticipated Medline IPO, raising $6.26 billion in the year’s largest initial public offering as the medical supply distributor sought capital to expand its vast hospital logistics network.
IPO Sets Sector and Yearly Record
Medline Industries began trading Wednesday under the ticker MDLN after completing one of the largest public offerings in health care history and the biggest Medline IPO of 2025 by proceeds raised.
The Northfield, Illinois-based company sold more than 216 million shares at $29 each, near the top of its marketed range of $26 to $30. The offering exceeded Medline’s earlier plan to sell 179 million shares.
Underwriters also received a 30-day option to purchase up to 32.4 million additional shares of class A common stock, a move that could further increase total proceeds if fully exercised.
The Medline IPO values Medline at more than $38 billion, placing it among the most valuable publicly traded companies focused on medical-surgical supplies and distribution.
Chief Executive Officer Jim Boyle rang the Nasdaq opening bell to mark the company’s return to public markets after decades of private ownership.
“Healthcare is facing a crisis of complexity,” Boyle said during the ceremony. “Here at Medline, we strive to be the partner of choice to help healthcare providers navigate these challenges.”
Behind-the-Scenes Giant Enters Spotlight
Medline is largely unknown to patients but plays a central role in hospital operations across the United States. The company distributes medical-surgical tools, equipment and supplies to hospitals, clinics and other care settings.
Its catalog includes more than 335,000 products, spanning Medline-branded items and devices manufactured by other medical technology companies through distribution agreements.
The company operates twenty-six production facilities in North America and sixty-nine distribution centers globally. Its workforce exceeds 43,000 employees.
Medline also runs a fleet of more than 2,000 delivery trucks, enabling next-day delivery to about ninety-five percent of its U.S. customers, according to company filings.
Founded in 1966 as a family-owned business, Medline reports a compounded annual growth rate of about eighteen percent over the past fifty years, driven by hospital outsourcing and supply chain consolidation.
“Scale and reliability are critical in modern health care,” said one healthcare supply chain analyst following the Medline IPO. “Medline has built infrastructure that few competitors can match.”
Private Equity Roots and Tariff Risks
Medline was acquired in 2021 through a $34 billion leveraged buyout led by private equity firms The Carlyle Group, Blackstone and Hellman & Friedman. The founding Mills family retained about one-quarter ownership, remaining the company’s largest single shareholder.
The company previously traded publicly for a brief period in the 1970s before returning to family ownership.
Medline had considered an Medline IPO earlier in 2025 but delayed plans amid uncertainty following import tariffs imposed by the Trump administration, according to regulatory filings.
In its prospectus, Medline estimated tariff-related costs of $325 million to $375 million for fiscal 2025, with an additional impact of $150 million to $200 million projected for fiscal 2026.
Despite those pressures, the company reported strong financial performance. For the first nine months of 2025, Medline posted sales of $20.6 billion and net income of $1.0 billion. Revenue totaled $25.5 billion for the calendar year 2024.
Investors will closely watch how Medline uses its new capital to manage costs, expand capacity and navigate ongoing trade and supply chain challenges.
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