Medline IPO Could Raise $7 Billion

Medline Inc. priced its IPO on December 16, 2025, with shares set to begin trading on the Nasdaq Global Select Market on December 17. The offering, priced at $29.00 per share for 216 million Class A shares, will generate proceeds used primarily to repay senior secured term loans and support general corporate purposes, reducing the company’s leverage as it enters public markets.

Pricing and Deal Structure

Medline priced an upsized initial public offering at $29.00 per share for 216,034,482 Class A shares. Underwriters have a 30-day option to purchase up to 32,405,172 additional shares, potentially increasing the total offering size.

Listing Timing and Use of Proceeds

The company plans to use net proceeds from the issuance of 179 million newly issued shares to repay outstanding indebtedness under its senior secured term loan facilities. Remaining proceeds will cover general corporate expenses and offering costs. Proceeds from the sale of 37 million shares, along with any shares sold under the underwriters’ option, will be used to purchase or redeem an equivalent number of outstanding equity interests from certain pre-IPO owners.

A registration statement related to the securities was filed with the SEC and declared effective on December 16, 2025. The shares are expected to begin trading on the Nasdaq Global Select Market under the ticker MDLN on December 17. The offering is scheduled to close on December 18, subject to customary closing conditions.

Medline’s scale, fixed pricing, and the underwriters’ option compress the timetable for price discovery, making the IPO a near-term test of institutional demand for a large, non-technology healthcare offering. The company’s majority ownership by a private-equity consortium led by Blackstone, Carlyle, and Hellman & Friedman adds market attention as pre-IPO owners monetize holdings.