Medline reveals filing for blockbuster US IPO as market recovery gains momentum

By Manya Saini and Arasu Kannagi Basil

Oct 28 (Reuters) - Medline disclosed on Tuesday that its revenue rose 9.7% in the first half of 2025, as one of the world's largest makers of medical supplies made its IPO filing public ahead of its highly anticipated U.S. stock market debut.

An initial public offering could value the company at up to $50 billion, Reuters has reported. The IPO filing comes as the new listings market makes a strong comeback after nearly three years of sluggish activity.

While the U.S. government shutdown has caused some short-term delays, top Wall Street executives say the IPO pipeline remains strong, with the stage set for a meaningful pickup in activity in the coming quarters.

"As what is expected to be this year's largest deal, the offering signals that the IPO market remains wide open despite the shutdown," said IPOX research associate Lukas Muehlbauer.

"Medline's performance will be a critical barometer for investor confidence extending into 2026, not just in the healthcare sector."

The Northfield, Illinois-based company is one of the largest privately held manufacturers and distributors of medical supplies, including surgical equipment, gloves and laboratory devices used by hospitals worldwide.

Medline reported net sales of $13.53 billion in the first half of 2025, compared with $12.34 billion a year earlier. Its profit came in at $655 million for the same period, up from $587 million year over year.

Medline's IPO could also be a major win for its private-equity owners — Blackstone BX.N, Carlyle CG.O and Hellman & Friedman — which together acquired it in a deal worth $34 billion in 2021.

The company also flagged potential exposure to trade barriers in its filing, saying it imports a significant amount of its Medline brand products from outside of the United States, including 8% of its costs of goods sold from China in 2024.

MEDLINE EYES BLOCKBUSTER IPO

A titan of its industry, Medline's listing is expected to be one of the standout IPOs of the year and a major win for its private-equity owners. Its success could also encourage more companies to push ahead with their IPOs, analysts have said.

While it did not disclose the size or proposed price range for its offering, Reuters previously reported, citing sources, that the company could aim to raise $5 billion.

The company was founded in 1966 by brothers James and Jon Mills. It traces its roots to a garment manufacturer, which initially made butcher's aprons for the meatpacking industry starting in 1910.

In the years that followed, its predecessor began sewing surgeons' gowns and uniforms at the request of nuns from Mercy Hospital in Chicago.

Medline went public in 1972, before being taken private again by the Mills brothers.

"The company is really a classic American growth story, from a first IPO in 1972 and subsequent delisting back into private ownership, rebuilding itself into the healthcare supply powerhouse it is today," Muehlbauer said.

Goldman Sachs, Morgan Stanley, BofA Securities and J.P. Morgan are acting as lead bookrunning managers for the offering.

Medline is aiming to list on the Nasdaq and trade under the "MDLN" ticker symbol.