Medical supplies group Medline has raised approximately $6.26bn in the largest initial public offering globally in 2025, marking a significant partial exit for its private equity owners Blackstone, Carlyle, and Hellman & Friedman, according to a report by Reuters.
The Northfield, Illinois-based company sold 216 million shares at $29 apiece in an upsized US IPO, exceeding its original plan to raise up to $5.37bn. The transaction eclipses all other listings this year and represents a major liquidity event for the consortium of private equity firms that acquired Medline in 2021.
Medline was taken private four years ago in a $34bn buyout led by Blackstone, Carlyle and Hellman & Friedman, one of the largest leveraged buyouts completed during the post-pandemic dealmaking boom. The IPO allows the sponsors to crystallise value following a period of operational growth and improved financial performance, while retaining exposure to further upside as a listed company.
Since the buyout, Medline has continued to expand its position as one of the world’s largest manufacturers and distributors of medical supplies, serving hospitals and healthcare providers with products ranging from surgical kits to protective apparel. In the nine months ended 27 September, the company reported net income of $977m on sales of $20.6bn, compared with $911m on revenues of $18.7bn a year earlier.
The successful listing comes as the US IPO market rebounds after a prolonged slowdown, despite periods of market volatility and disruption earlier in the year. Market participants said the scale and timing of Medline’s offering underline renewed investor appetite for large, sponsor-backed exits and could encourage other private equity-owned companies to pursue listings in 2026.
Goldman Sachs, Morgan Stanley, BofA Securities and JPMorgan acted as lead bookrunners on the transaction, which involved more than 40 underwriting banks. Medline is expected to begin trading on Nasdaq under the ticker MDLN.
