Medical supplies manufacturer Medline (MDLN-US) officially announced on December 16, 2025, the completion of the world’s largest initial public offering of the year, raising a total of $62.6 billion in funds, injecting strong momentum into the U.S. IPO market. The offering ultimately sold 216 million shares at $29 per share, with both the offering size and pricing exceeding initial plans. The company is expected to list on the Nasdaq Exchange on December 17.
Despite facing uncertainties such as policy changes and government shutdowns in the U.S. market in 2025, its IPO activities still demonstrated a significant recovery trend. Medline’s successful listing is regarded as an important landmark transaction marking the year’s end, effectively boosting market confidence. Previously, the largest IPO in the U.S. this year was Venture Global’s $17.5 billion fundraising in January; globally, China’s CATL raised approximately $53 billion in the Hong Kong market. Medline’s fundraising scale surpassed both, becoming the top global IPO in terms of funds raised this year.
Founded in 1966, Medline is a major global supplier of medical consumables. The company’s history dates back to its first listing in 1972, followed by privatization. In 2021, three private equity firms—Blackstone Group, Carlyle Group, and Hellman & Friedman—jointly acquired a majority stake in Medline for approximately $34 billion, making it one of the largest private equity acquisitions in the history of the healthcare industry. This IPO is also one of the largest majority-stake listings implemented by a private equity-controlled company. After the transaction, the Mills family, as founders, will retain significant voting rights, while the three private equity funds will also retain important equity interests.
Solid financial performance is the foundation for Medline’s market recognition. In the nine months ending September 27, 2025, the company achieved revenue of $20.6 billion and a net profit of $977 million, both showing steady growth. The company’s product line covers approximately 335,000 medical and surgical products, supported by an efficient supply chain and a large global workforce.
This IPO was led by Goldman Sachs, Morgan Stanley, BofA Securities, and J.P. Morgan as the main underwriters, with a total underwriting team of over 40 institutions. Market analysis points out that Medline’s successful listing may kick off the U.S. IPO market for 2026. A series of high-profile companies, including SpaceX, are poised to enter the market, and Wall Street anticipates that next year could witness a surge in super-large IPOs not seen in years.
