Medline shares surged more than 30% in their hotly anticipated New York debut on Wednesday, valuing the medical provide giant at $46 billion in the largest US initial public offering since Rivian’s 2021 itemizing, capping a robust 12 months for new listings and fueling optimism for 2026.
Shares of the company opened at $35, in contrast with its IPO price of $29 per share.
The medical provides maker and distributor — acquired for $34 billion in 2021 by Blackstone, Carlyle and Hellman & Friedman in one of the largest leveraged buyouts of all time — bought 216 million shares to raise $6.26 billion in an upsized offering, making it the largest private-equity-backed IPO ever.
Medline, medical provides maker and distributor, bought 216 million shares to raise $6.26 billion in an upsized offering, making it the largest private-equity-backed IPO ever. AP
“We’re going to run the business exactly the same way we ran it yesterday. It (the IPO) just allows us to buy down debt and amplify our voice,” said Medline CEO Jim Boyle.
The company’s market debut also marks the largest IPO globally in 2025, surpassing Chinese battery maker CATL’s $5.3 billion Hong Kong offering in May, according to information compiled by LSEG.
Robust business but tariff considerations stay
Northfield, Illinois-based Medline, based in 1966 by brothers Jon and Jim Mills, is a key producer and distributor of medical provides such as surgical kits, gloves and robes used by hospitals worldwide.
The company, which competes with McKesson and Cardinal Health, has posted web gross sales growth every 12 months since its inception through financial cycles and the COVID-19 pandemic.
While Medline sources and manufactures merchandise in tariff-hit areas such as Asia, Boyle said the company owns 33 services, including 19 in the United States, and about half of its output comes from the US or North America.
Northfield, Illinois-based Medline, based in 1966 by brothers Jon and Jim Mills, is a key producer and distributor of medical provides such as surgical kits, gloves and robes used by hospitals worldwide. REUTERS
“We make things that cost pennies, not thousands of dollars, and having a robust, diverse geography that has primary, secondary and tertiary locations — from a manufacturing perspective — allows us the ability to shift locations to mitigate some of the tariffs,” Boyle added.
Medline’s dominant place in branded medical tools, including surgical gloves and wheelchairs, has appealed to buyers, who are drawn to its growth prospects and view the business as comparatively insulated from broader financial swings.
“This is a very different profile than the typical growth IPO — Medline is profitable, cash-generative, and well understood, which resonates in the current market,” said Jeff Zell, senior analysis analyst at IPO Boutique.
Medline reported web income of $977 million on income of $20.6 billion for the 9 months ended September 27, up from $911 million on $18.7 billion in the same period a 12 months earlier.
“We’re going to run the business exactly the same way we ran it yesterday. It (the IPO) just allows us to buy down debt and amplify our voice,” said Medline CEO Jim Boyle. AP
SpaceX headlines robust 2026 slate
US IPO exercise has stayed resilient in 2025, shrugging off the impression of market volatility in April, fueled by President Trump’s sweeping tariffs, as effectively as the longest authorities shutdown.
First-time share gross sales in the US this 12 months have raised a mixed $46.15 billion — excluding blank-check companies — the highest since the 2021 increase, according to Dealogic information. The complete quantity of conventional choices rose more than 21% in 2025 in contrast to the earlier 12 months.
“The IPO market continued its recovery in 2025 despite the headwinds of tariffs and a government shutdown, which prevented what could have been a more significant rebound,” said Nicholas Einhorn, director of analysis at Renaissance Capital, a supplier of IPO-focused analysis and ETFs.
Wall Street is anticipating a stronger pickup next 12 months, with high-profile companies such as Elon Musk’s SpaceX making ready for a attainable stock market flotation. Getty Images
Liquefied natural fuel producer Venture Global, Swedish fintech Klarna, cloud-computing firm CoreWeave and stablecoin issuer Circle were among the largest US IPOs of 2025.
Wall Street is anticipating a stronger pickup next 12 months, with high-profile companies such as Elon Musk’s SpaceX making ready for a attainable stock market flotation.
A profitable itemizing by Medline could also encourage more PE-backed companies to transfer forward with their plans.
Goldman Sachs, Morgan Stanley, BofA Securities and JPMorgan acted as lead bookrunning managers for Medline’s offering.