Medline has priced its initial public offering (IPO) worth up to more than $7 billion in proceeds.
The company said today that the upsized offering includes more than 216 million shares of its common stock priced at $29 per share. It also granted underwriters a 30-day option to purchase up to an additional 32.4 million shares. Altogether, the IPO could deliver proceeds of around $7.5 billion, if all exercised in full.
Medline shares began trading today, Dec. 17, 2025, on the Nasdaq market under the “MDLN” ticker.
The Financial Times reported yesterday that Medline was planning to price its IPO around that $7 billion mark. FT claimed that Medline originally expected to raise about $5.4 billion, but it could bring in as much as $7 billion. The report cited “people briefed on the talks” and notes that no final decisions have been made.
Medline’s planned IPO has been looming for a while after the Northfield, Illinois–based company submitted its draft registration for its Form S-1 to the SEC in December 2024. In October, the medical equipment supply company publicly filed a registration statement with the SEC related to its proposed IPO. At the time, reports suggested the IPO could bring in $5 billion, with Medline’s reported value hovering around $50 billion.
See how much Medline executive pay packages total ahead of the IPO at Medical Design & Outsourcing.
One of the largest medtech companies in the world, Medline ranks third on Medical Design & Outsourcing’s 2025 Big 100 list. The company 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 could deliver a significant return for private equity firms Blackstone, Carlyle and Hellman & Friedman after they made a multibillion-dollar investment in Medline in 2021. FT says it would mark the largest private equity-backed IPO of all time. Forbes reports that the Mills family, which founded Medline, would 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.
(Leading medtech companies recently discussed the role of private equity in medtech M&A at AdvaMed’s The MedTech Conference. Read more about that here.)
This article ran yesterday, Dec. 16, based on the FT report. It has been updated today, Dec. 17, following an announcement from Medline.
