Medical supply giant Medline (ticker: MDLN) is scheduled to begin trading on the Nasdaq Stock Market tonight. As a long-established leader in the global medical supplies and healthcare supply chain sector, Medline’s public debut has attracted significant attention from capital markets. The company priced its IPO at USD 29 per share, the top end of the indicated range, and is expected to raise approximately USD 6.26 billion, making it the largest IPO in the U.S. market so far in 2025.

Offering Details and Market Expectations

Medline set its IPO price at the high end of the marketing range at USD 29 per share, issuing approximately 216 million shares. Based on the final pricing, the company is expected to raise about USD 6.26 billion, ranking among the largest IPOs globally this year and signaling a meaningful recovery of the U.S. IPO market after a prolonged slowdown.

According to the latest estimates, the pricing implies a valuation in the tens of billions of U.S. dollars, positioning Medline as a highly watched mid-to-large-cap healthcare company on Nasdaq.

Medline’s Business and Background

Founded in 1966, Medline is a global leader in the manufacturing and distribution of medical and surgical supplies, serving hospitals, clinics, and other healthcare institutions with a wide range of products, including gloves, surgical gowns, diagnostic equipment, and consumables. The company operates an extensive supply chain network that reaches the vast majority of healthcare providers in the United States, enabling next-day delivery in many cases.

In 2021, private equity firms Blackstone, Carlyle, and Hellman & Friedman jointly acquired Medline for approximately USD 34 billion, marking one of the largest leveraged buyouts in U.S. history. The IPO now represents a key exit channel for these investors.

Institutional Investors and Market Significance

During the IPO process, Medline secured investment commitments from several prominent global institutional investors, including Durable Capital Partners, Janus Henderson, Viking Global, and GIC, Singapore’s sovereign wealth fund. In addition, the founding family of Medline and related entities have indicated plans to purchase a portion of the offered shares.

The listing not only provides Medline with additional capital for expansion and balance sheet optimization, but is also seen as a landmark transaction demonstrating private equity’s ability to successfully bring large-scale IPOs to market toward the end of 2025, potentially boosting overall IPO activity.

Industry and Market Impact

Medline’s successful listing comes amid a broader recovery in U.S. IPO market activity. Market participants believe that this large-scale IPO could help restore investor confidence after a prolonged period of weakness and encourage more mid- to large-sized companies to consider U.S. listings. Institutional investors are closely watching Medline’s post-listing share price performance and its potential influence on valuation benchmarks within the medical supplies sector.