Medline Industries, a leading medical supplies provider owned by private equity firms Blackstone, Carlyle, and Hellman & Friedman, is preparing for a US initial public offering (IPO) in 2025, with the aim of raising more than $5bn, according to a report by Reuters.
The report cites unnamed sources familiar with the matter as revealing that the IPO, anticipated as early as the second quarter of 2025, could value the Northfield, Illinois-based company at approximately $50bn. However, plans remain contingent on market conditions.
Medline has reportedly invited multiple investment banks to vie for lead roles in what is expected to be one of the standout IPOs of 2025. The company, which specialises in manufacturing and distributing medical supplies including surgical equipment, gloves, and laboratory devices, did not comment on the news. Representatives for Blackstone, Carlyle, and Hellman & Friedman also declined to comment.
The anticipated IPO comes amid a broader recovery in the equity market, with other high-profile companies like AI cloud platform CoreWeave and cybersecurity firm SailPoint also pursuing listings in 2025.
Founded in 1966 by brothers James and Jon Mills, Medline first went public in 1972 before being taken private again by the family. In 2021, the company was acquired in a $34bn deal by Blackstone, Carlyle, and Hellman & Friedman.
The company operates in more than 100 countries, employing about 43,000 people globally, and generates annual sales exceeding $23bn. Medline’s longtime CEO, Charlie Mills, the son of co-founder James Mills, retired last year, with company veteran Jim Boyle stepping in as his successor.
Despite market turbulence over the past two years, the IPO landscape is showing signs of revival, and if successful, Medline’s IPO would be among the largest in the medical supply sector in recent years.
