Medline Targets $55.3 Billion Valuation in High-Profile IPO

Medical supplies giant Medline is preparing to return to the public markets, with the company targeting a valuation of up to $55.3 billion in what is expected to be one of 2025’s largest US IPOs.

The Illinois-based manufacturer and distributor — known for its surgical kits, gloves and protective apparel used widely across hospitals and nursing homes — plans to raise up to $5.37 billion by offering 179 million shares priced between $26 and $30 each.⁽¹⁾

Founded in 1966 by brothers James and Jon Mills, Medline traces its roots back to a garment business that produced butcher’s aprons in 1910. The company first went public in 1972 before being taken private again in 1977. Private equity firms Blackstone, Carlyle, and Hellman & Friedman jointly acquired Medline in 2021 in a $34 billion deal.

Medline continues to show strong financial performance heading into its market debut. The company reported $977 million in net income for the first nine months of 2025, up from $911 million a year earlier. Net sales rose to $20.6 billion, compared with $18.7 billion during the same period last year.

The IPO will be led by Goldman Sachs, Morgan Stanley, BofA Securities, and J.P. Morgan, with the company set to list on the Nasdaq under the ticker MDLN.
Investors using Robinhood can access the IPO before shares hit the open market by visiting the platform’s IPO section and requesting an allocation.

Investors using Robinhood can access the IPO before shares hit the open market by visiting the platform’s IPO section and requesting an allocation.

For more details on the company and how to participate, visit Finder’s Medline stock guide, and sign up for our Market Briefing newsletter to get top market stories before the bell.

Related stocks: How the sector’s leaders have done over the past year

Curious how related stocks have performed in the Medical Distribution industry? Here are the top three by market cap:

• McKesson Corporation (MCK). ~$100.4B market cap; +36.2% 1-year total return.
• Cencora (COR). ~$66.1B market cap; +42.2% 1-year total return.
• Cardinal Health (CAH). ~$47.1B market cap; +65.6% 1-year total return.

Stock Analysis for related stocks and 12-month performance, accurate as of December 10, 2025.