Medline (Nasdaq:MDLN) announced today that it closed its upsized initial public offering (IPO) worth more than $8 billion.
The company said its offering included more than 248.4 million shares of its Class A common stock priced at $29 apiece. Underwriters also exercised in full their option to purchase up to an additional 32.4 million shares of common stock at the same price. Altogether, the sale of more than 280 million shares at $29 per share would total more than $8.1 billion.
Medline priced its long-awaited IPO earlier this week, expecting more than $7 billion in proceeds. Shares began trading yesterday, Dec. 17, 2025, on the Nasdaq market. They’re currently trading at about $39.51 apiece after the market closed today, Dec. 18, 2025.
Northfield, Illinois–based Medline plans to use the proceeds from the issuance of 179 million shares to repay outstanding indebtedness. The remaining proceeds are earmarked for general corporate purposes and to bear the expenses of the offering.
Medline expects to use proceeds from more than 37 million shares, plus the issuance of shares from the option to purchase additional shares, to purchase or redeem an equivalent aggregate number of outstanding equity interests from certain of its pre-IPO owners.
The medical equipment supply company — one of the largest medtech companies in the world — ranks third on Medical Design & Outsourcing’s 2025 Big 100 list. It moved up one spot from the 2024 rankings. It brought in $25.5 billion in revenue in 2024, rising 10% from the year before.
The company’s IPO delivers a meaningful return for private equity firms Blackstone, Carlyle and Hellman & Friedman after they made a multibillion-dollar investment in Medline in 2021. The Financial Times labeled it the largest private equity-backed IPO of all time. Forbes reports that the Mills family, which founded Medline, could see its net worth rise to at least $20 billion.
Private equity continues to play a significant role in medtech, with recent acquisitions and deals (HistoSonics, Hologic, Owens & Minor, Olympus, Surmodics) highlighting that.
