Medline Industries is scheduled to make its highly anticipated Nasdaq debut Wednesday after raising six point two six billion dollars in what stands as the largest global initial public offering of twenty twenty five.
The listing places the Northfield, Illinois based medical supply company at the center of a US IPO market that has remained active despite political and economic turbulence.
The Medline IPO is being closely followed by investors as a bellwether for private equity backed listings and for broader confidence in public markets heading into next year.
Medline sold two hundred sixteen million shares at twenty nine dollars each, pricing above the midpoint of its marketed range of twenty six to thirty dollars per share, according to offering documents.
The company is backed by private equity firms Blackstone, Carlyle and Hellman and Friedman, which acquired Medline in twenty twenty one in one of the largest buyouts in the health care sector.
Founded in nineteen sixty six by brothers Jon and Jim Mills, Medline manufactures and distributes medical products including surgical kits, gloves and gowns used by hospitals and clinics worldwide. It competes with industry peers such as McKesson and Cardinal Health.
US IPO activity has shown resilience throughout twenty twenty five, even as markets faced volatility linked to President Donald Trump’s tariff measures and the longest federal government shutdown on record.
Market analysts said Medline’s financial profile distinguishes it from many growth focused offerings that have struggled in recent years.
“This is a very different profile than the typical growth IPO,” said Jeff Zell, a senior research analyst at IPO Boutique. “Medline is profitable, cash generative and well understood, which resonates in the current market.”
However, company filings showed Medline expects tariffs to reduce income before taxes by roughly one hundred fifty million to two hundred million dollars in fiscal twenty twenty six, underscoring ongoing trade-related risks.
“The valuation reflects confidence in Medline’s operating stability, but investors are still factoring in policy uncertainty,” said Karen Holt, a health care equity strategist at Ridgeview Capital.
Before the Medline IPO, the largest global offering this year was Chinese battery maker CATL’s five point three billion dollar Hong Kong listing in May, according to data compiled by LSEG.
In the United States, other major IPOs in twenty twenty five included liquefied natural gas producer Venture Global, Swedish fintech Klarna, cloud computing firm CoreWeave and stablecoin issuer Circle.
Collectively, those listings helped maintain deal flow during a year marked by uneven trading conditions.
The Medline IPO now ranks among the largest private equity backed listings on record, a category that slowed sharply after twenty twenty one as higher interest rates and market volatility discouraged exits.
Hospital procurement managers and health care workers said Medline’s public debut has drawn attention within the industry.
“Medline products are in our operating rooms every day,” said Laura Simmons, a supply chain director at a Midwest hospital system. “Stability matters more than hype in this space, and that’s what people associate with them.”
In Northfield, where Medline is headquartered, residents expressed cautious optimism.
“It’s a big moment for a company that’s been part of this community for decades,” said Mark Ellison, who lives near Medline’s main campus. “People here are watching to see what it means for jobs and long-term investment.”
Wall Street bankers are already looking ahead to a potentially stronger IPO calendar in twenty twenty six.
Several high profile private companies, including Elon Musk’s SpaceX, are preparing for possible stock market debuts, according to people familiar with the matter.
Companies that postponed listings during the government shutdown are also expected to return to the market early next year.
“The IPO market from next year onwards is likely to see sizeable businesses coming through,” said Samuel Kerr, head of equity capital markets at Mergermarket. “Successful listings could shift the narrative back toward public markets.”
Private equity sponsors face increasing pressure to return capital to investors, and firms such as Copeland and Caliber have already confidentially filed for New York IPOs.
The Medline IPO marks a significant milestone for the company, its private equity owners and a US market testing its appetite for large, established issuers.
As trading begins, investors will be watching whether Medline’s steady business model can sustain confidence amid policy uncertainty and rising competition.
The debut adds momentum to a year that has defied expectations and sets the stage for an active twenty twenty six.
