Medline just pulled the pin on one of the biggest U.S. IPOs of 2025. I can confirm the medical supply giant has filed to raise up to 5.37 billion dollars, selling 179 million shares at 26 to 30 dollars each. The deal implies a valuation near 55.3 billion dollars. Medline plans to list on the Nasdaq Global Select Market under the ticker MDLN. That puts a mature, profitable healthcare backbone squarely on center stage.
Deal at a glance: 179 million shares, 26 to 30 dollar range, up to 5.37 billion dollars raised, implied value about 55.3 billion dollars, Nasdaq ticker MDLN.
The top banks are on it. Goldman Sachs, Morgan Stanley, Bank of America Securities, and J.P. Morgan are leading the book. Cornerstone investors have signaled up to 2.35 billion dollars of orders. Members of the founding Mills family may add up to 250 million dollars, subject to a lock up. That early support is a strong sign for pricing power.
What Medline is selling Wall Street
Scale and resilience. Medline is the largest privately held maker and distributor of medical supplies in the United States. The company reaches hospitals, surgery centers, post acute sites, and home health. It sells essential items, from gloves and gowns to drapes and devices. Demand tracks procedures and patient volumes, which are steady, not fads.
The numbers back it up. Net sales hit 13.53 billion dollars in the first half of 2025, up about 9.7 percent year over year. For the nine months ending September 27, net sales reached 20.6 billion dollars. Net income was about 977 million dollars over the same period. That is real cash generation in a supply chain business, not a promise on a slide.
This is classic healthcare infrastructure. It is defensive in a downturn, and it scales when volumes rise.
How the deal is built
Medline is offering size and certainty. The 179 million share float is large enough to attract major funds on day one. The cornerstone interest pads the book early, which can steady the range. The Mills family tie in sends a simple message. The people who built it still want exposure.
The 2021 buyout price was around 34 billion dollars, and this IPO offers liquidity to those private equity owners. It also gives Medline a public currency. That could support future capex, automation, and selective M&A. Management will now live with quarterly scorecards, which can sharpen execution.
Valuation, in plain sight
Use the year to date numbers to get a read. At the midpoint, Medline’s value sits near 55 billion dollars. That is roughly 2 times an annualized revenue run rate, based on the nine month sales. The price to earnings math is trickier, since interest and LBO effects weigh on net income. Even so, the sticker points to a premium to many distributors. The market is paying for scale, share, and dependable growth.
Key context for investors:
- Revenue is growing high single digits, off a very large base.
- Pricing power comes from breadth, logistics, and long contracts.
- Margins face freight, wage, and tariff swings, but efficiency helps.
- Hospitals are still under cost pressure, which can pinch pricing.
Why this matters for markets
This is a real test for big, non tech IPOs. If Medline prices well, it signals broad appetite for profitable, PE backed healthcare platforms. That would open the window for more carve outs and sponsor exits. It would also pull money toward core healthcare supply chains, not just biotech or software.
Hospitals are restocking smartly, not hoarding. Procedure volumes have been steady. Freight costs have normalized from pandemic peaks. Tariffs and labor costs remain watch items. Medline’s distribution edge can offset bumps, but not erase them. For the economy, a strong listing would point to healthier capital markets, more capex, and stable employment across a wide vendor network.
Watch pricing and timing. Market volatility, tariff headlines, and SEC review cadence can shift the range or size. Cornerstone orders help, but final demand sets the price.
What to watch next
- Roadshow feedback on margins and cash conversion.
- Final price within, or above, the 26 to 30 dollar range.
- Size of the greenshoe and day one liquidity.
- Any change to primary versus secondary mix and leverage path.
Frequently Asked Questions
Q: What is Medline, and what does it sell?
A: Medline makes and distributes medical supplies across the care continuum. Think gloves, gowns, kits, and a wide set of clinical products used every day.
Q: What is the ticker and price range?
A: Medline plans to list as MDLN on the Nasdaq Global Select Market. The range is 26 to 30 dollars per share.
Q: How big is this IPO?
A: Up to 5.37 billion dollars in proceeds at the top of the range, valuing the company near 55.3 billion dollars.
Q: Who is leading the deal?
A: Goldman Sachs, Morgan Stanley, Bank of America Securities, and J.P. Morgan are the lead underwriters. Cornerstone investors have signaled up to 2.35 billion dollars.
Q: What are the main risks?
A: Pricing pressure from cost stressed providers, tariff and freight swings, and market volatility around the listing. Leverage from the 2021 buyout is another watch point.
Conclusion: Medline is bringing a rare mix to market, scale, profit, and durable demand. If the book builds as signaled, MDLN could become a new core holding for funds that want healthcare exposure without binary risk. The price, not the story, will decide how fast that happens.
