Medline, the medical supply manufacturer backed by Blackstone, Carlyle, and Hellman & Friedman, is targeting a $55bn valuation in a US IPO which would make it one of the largest PE-backed listings ever, according to a report by Reuters.
The Northfield, Illinois-based firm plans to sell 179m shares at $26–$30 each, potentially raising up to $5.37bn.
The offering marks the next stage in Medline’s evolution since its 2021 $34bn acquisition by the PE giants in a deal that underscored the growing role of private equity in healthcare. Industry observers note that the IPO will serve as a key benchmark for investor appetite toward PE-backed growth companies heading into 2026.
Founded in 1966 by James and Jon Mills, Medline has grown into a global supplier of surgical kits, gloves, and protective apparel for hospitals and nursing homes. The company reported net sales of $20.6bn and net income of $977m for the nine months ended 27 September, up from $18.7bn and $911m a year earlier.
Cornerstone investors, including Baillie Gifford, Capital Research, Morgan Stanley’s Counterpoint Global, Durable Capital, Janus Henderson, GIC, and Viking Global, have committed to purchase up to $2.35bn in shares. The Mills family and affiliates plan to acquire up to $250m. Goldman Sachs, Morgan Stanley, BofA Securities, and JP Morgan are leading the bookrunning.
Medline will list on the Nasdaq under the ticker “MDLN”, in a major liquidity event for its PE owners and providing capital to fund continued growth.
