Medline Shares Surge 41% in Year’s Largest IPO, Raising $6.3 Billion
NORTHFIELD, Ill. — Medline, a leading U.S.-based manufacturer and distributor of medical and surgical supplies, saw its shares soar by more than 40% on the first day of trading following its initial public offering (IPO) on Wednesday. The company raised approximately $6.3 billion in what has been the largest IPO of 2025, signaling robust investor confidence in the healthcare supply sector amid ongoing global demand for medical products.
Medline’s stock opened at $29 per share on the Nasdaq exchange under the ticker symbol MDLN and closed at $41, representing a gain of $12 per share or 41.38%. The share price continued to climb in after-hours trading, reflecting strong market enthusiasm. The offering involved the sale of over 216 million shares, pushing Medline’s market capitalization to more than $50 billion based on its 1.3 billion Class A shares.
Chief Executive Officer Jim Boyle told CNBC’s Squawk Box that the IPO provides an opportunity to amplify Medline’s presence in the healthcare industry. “Historically, we’ve done very little advertising, very little marketing, and this gives us a way to amplify our voice and actually expand really the receptivity of who we are,” Boyle said. “We are the largest company you’ve never heard of, and we happen to be everywhere.”
Founded in 1966 and headquartered in Northfield, Illinois, Medline produces approximately 335,000 different medical and surgical products, ranging from gloves and masks to scalpels and wheelchairs. The company serves customers in over 100 countries and employed more than 100,000 people globally as of 2024. In the fiscal year prior to the IPO, Medline reported net sales of $25.5 billion.
The IPO is notable not only for its size but also for its backing by prominent private equity firms. In 2021, Carlyle Group, Blackstone, and Hellman & Friedman acquired a majority stake in Medline for $34 billion. The public offering marks one of the largest private equity-backed IPOs in recent years. The company carried a debt load of $16.8 billion as of September 2025.
Medline’s IPO was delayed in part due to concerns over tariff policies implemented during the Trump administration, which posed risks to Asian markets, particularly China, where many medical supplies are sourced or manufactured. Despite these challenges, the company’s strong fundamentals and critical role in healthcare supply chains helped it secure investor interest.
This offering surpasses many other 2025 IPOs, making Medline the largest public debut among approximately 200 companies this year. It is the biggest IPO since Rivian’s $13.7 billion offering in November 2021. The success of Medline’s public market entry underscores the ongoing appetite for healthcare-related investments amid evolving global health needs.
For more information on IPO filings and market data, the U.S. Securities and Exchange Commission provides detailed disclosures, while the Nasdaq Stock Market offers real-time trading information. Additionally, the Food and Drug Administration regulates medical devices and supplies, underscoring the critical nature of companies like Medline in public health infrastructure.
As the healthcare industry continues to adapt to post-pandemic realities and global supply chain challenges, Medline’s successful IPO reflects both the resilience and growth potential of medical supply firms in the public markets.
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