Medline Industries, a leading medical supply manufacturer and distributor, experienced a remarkable surge of over 30% in its share price during its debut on the New York Stock Exchange on September 27, 2025. This initial public offering (IPO) valued the company at approximately $46 billion, marking it as the largest U.S. IPO since Rivian’s listing in 2021. Investors reacted positively as shares opened at $35, significantly higher than the IPO price of $29.
The company successfully sold 216 million shares, raising $6.26 billion in an upsized offering. This transaction stands as the largest private-equity-backed IPO to date. Medline was acquired for $34 billion in 2021 by a consortium including Blackstone, Carlyle, and Hellman & Friedman, which was one of the largest leveraged buyouts ever.
Jim Boyle, Medline’s CEO, emphasized the continuity of operations post-IPO, stating, “We’re going to run the business exactly the same way we ran it yesterday. It just allows us to buy down debt and amplify our voice.” The company’s successful market entry also positions it as the largest IPO globally in 2025, surpassing the $5.3 billion offering from Chinese battery manufacturer CATL in May, according to data from LSEG.
Strong Business Performance Amid Tariff Concerns
Headquartered in Northfield, Illinois, Medline was established in 1966 by brothers Jon and Jim Mills. The company is a vital provider of medical supplies, including surgical kits, gloves, and gowns used in hospitals around the world. Competing with major players like McKesson and Cardinal Health, Medline has enjoyed consistent net sales growth annually, even through economic fluctuations and the COVID-19 pandemic.
Despite sourcing and manufacturing products in regions impacted by tariffs, Boyle noted that Medline operates 33 facilities, with 19 located in the United States. Approximately half of its production comes from North America. Boyle pointed out, “We make things that cost pennies, not thousands of dollars, and having a robust, diverse geography that has primary, secondary, and tertiary locations allows us the ability to shift locations to mitigate some of the tariffs.”
Medline’s strong position in the medical equipment sector, particularly in branded items like surgical gloves and wheelchairs, has attracted investor interest. Analysts consider the company’s profile distinct from typical growth IPOs, as it is not only profitable but also generates consistent cash flow. According to Jeff Zell, a senior research analyst at IPO Boutique, “Medline is profitable, cash-generative, and well understood, which resonates in the current market.”
In the nine months ending September 27, 2025, Medline reported a net income of $977 million on revenues of $20.6 billion, compared to $911 million on $18.7 billion during the same period the previous year.
Resilient IPO Market and Future Prospects
The U.S. IPO market has remained resilient throughout 2025, raising a total of $46.15 billion from first-time share sales, excluding blank-check companies. This figure represents the highest total since the boom in 2021. The number of traditional offerings increased by more than 21% compared to the previous year, reflecting a recovery despite challenges such as market volatility and government shutdowns.
Nicholas Einhorn, director of research at Renaissance Capital, stated, “The IPO market continued its recovery in 2025 despite the headwinds of tariffs and a government shutdown, which prevented what could have been a more significant rebound.” Notable IPOs in 2025 also included companies like Venture Global, Klarna, CoreWeave, and Circle.
Looking ahead, Wall Street anticipates a stronger IPO market in 2026, with significant companies like SpaceX, led by Elon Musk, considering a stock market flotation. Medline’s successful listing may inspire more private equity-backed firms to pursue their IPO plans. The underwriting for Medline’s offering was managed by Goldman Sachs, Morgan Stanley, BofA Securities, and JPMorgan.
