Medical supplies firm Medline raises about $6.3 billion in 2025’s biggest IPO

Dec 16 (Reuters) – Medical supplies company Medline said on Tuesday it had raised $6.26 billion in its upsized U.S. initial public offering, in what was the biggest first-time share sale globally this year.

The Northfield, Illinois-based company sold 216 million shares at $29 apiece, compared with its initial plan to sell 179 million shares between $26 to $30 per share to raise up to $5.37 billion.

The U.S. IPO market mounted a strong comeback in 2025 after a three-year lull despite market volatility in April, fueled by President Donald Trump’s sweeping tariffs, and the longest-ever government shutdown that temporarily derailed activity.

“Medline’s IPO ends the year on a high after several issuers put listings on ice given the length of the US government shutdown and a market correction as the SEC reopened,” said Samuel Kerr, head of equity capital markets at Mergermarket.

“To have such a large deal priced in December… is a good way to end what was a very good year for US equity capital markets.”

Before Medline, liquefied natural gas producer Venture Global’s $1.75 billion offering in January was the biggest U.S. IPO this year, according to data compiled by LSEG, while Chinese battery maker CATL’s $5.3 billion Hong Kong offering was the biggest IPO globally.

The IPO momentum is expected to carry into 2026, underpinned by a pipeline of high-profile companies, such as Elon Musk’s SpaceX, which will look to test investor appetite.

Wall Street’s top executives have said that 2026 could be the year for some very large deals, which have been on the sidelines for a long time.

Medline is one of the largest manufacturers and distributors of medical supplies, including surgical kits, gloves and protective apparel to hospitals globally.

The company was founded in 1966 by brothers Jon and Jim Mills. Medline first went public in 1972, but was taken private again by the brothers a few years later.

In 2021, a consortium of private equity firms comprising Blackstone, Carlyle and Hellman & Friedman bought Medline in a $34 billion deal.

Medline reported a net income of $977 million on net sales of $20.6 billion in the nine months ended September 27, compared with a net income of $911 million on net sales of $18.7 billion a year earlier.

Goldman Sachs, Morgan Stanley, BofA Securities and J.P. Morgan were the lead bookrunning managers for the offering.

Medline, which tapped more than 40 underwriters for the offering, is expected to start trading on the Nasdaq under the symbol “MDLN” on Wednesday.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shinjini Ganguli)