Medline IPO 2025: Inside the $5.37 Billion Nasdaq Listing and One of Private Equity’s Biggest Exits

Medline IPO 2025: Inside the $5.37 Billion Nasdaq Listing and One of Private Equity’s Biggest Exits

NEW YORK / NORTHFIELD, Ill. — December 9, 2025 — Medical‑supply giant Medline Inc. has set the terms for a U.S. initial public offering that could raise up to $5.37 billion and value the company at as much as $55.3 billion, positioning it as the largest U.S. IPO of 2025 and one of the biggest private‑equity‑backed listings on record. Reuters+1 The Illinois‑based manufacturer and distributor of medical‑surgical supplies plans to sell 179 million …

Medline targets $55bn valuation in mega PE-backed IPO

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 P…