It’s been a tumultuous year for U.S. stock markets. Investors have had their nerves rattled twice this year by government-related events—President Trump’s Liberation Day tariffs in the spring, followed by the longest U.S. government shutdown in history this fall.
That’s on top of an economy already hit hard by inflation and declining consumer confidence.
Yet despite this, there have still been several high-profile and successful initial public offerings throughout the year—especially in the AI and fintech spaces.
And now, an IPO this week is set to dwarf all others that have come before it this year. Here’s what you need to know about Medline Inc.’s initial public offering.
What is Medline?
Medline Inc. is a maker of medical supplies. The company is based in Northfield, Illinois, and was originally founded in 1966 by brothers Jim and John Mills.
According to the company’s S-1 filing with the U.S. Securities and Exchange Commission (SEC), Medline makes approximately 335,000 different medical and surgical products—everything from wheelchairs to masks to scalpels.
It manufactures this extraordinary portfolio of products at 33 global facilities and has customers in more than 100 countries. As of the end of 2024, Medline employed more than 43,000 workers worldwide.
For the nine months that ended on September 27, Medline reported $20.6 billion in net sales so far this year. Its net income for the nine-month period was $977 million. For the same period a year earlier, Medline reported $18.7 billion in net sales and net income of $911 million.
Medline has a history of public offerings and private equity
Despite its IPO this week, this isn’t the first time Medline has publicly listed its stock. As Reuters reported, Medline originally went public in 1972. But just five years later, in 1977, the Mills brothers took the company private again.
The company grew massively over the next several decades, ultimately attracting the attention of private equity.
As noted by the Financial Times, a group of private equity investors, including Blackstone, Carlyle, and Hellman & Friedman’s, acquired a majority stake in the medical supply maker in 2021 for a staggering $34 billion.
At the time, it was the largest leveraged buyout since the 2008 financial crisis.
And despite Medline’s IPO this week, this isn’t the first time in 2025 that Medline was expected to go public. The company had been considering an IPO earlier in 2025, but then Trump’s Liberation Day tariffs hit.
Medline was one of the companies that stood to be hit hardest by tariffs, as the majority of its products are made in Asian nations that faced some of the steepest tariffs.
Despite this earlier delay, Medline will once again become a publicly traded company after 48 years.
When is Medline’s IPO?
Medline priced its shares on Tuesday. It expects to list its shares today: Wednesday, December 17, 2025.
What is Medline’s stock ticker?
Medline’s shares will trade under the stock ticker “MDLN.”
What exchange will Medline’s shares trade on?
Medline shares will trade on the Nasdaq Global Select Market.
What is the IPO share price of MDLN?
The initial public offering price for MDLN stock is $29 per share. That’s at the higher end of the IPO share price range of $26 to $30 per share that was expected.
How many MDLN shares are available in its IPO?
Medline’s press release states that 216,034,482 shares of its Class A common stock were available in its IPO.
How much will Medline raise in its IPO?
Medline raised $6.26 billion in its IPO. According to Reuters, this makes Mediline’s IPO 2025’s biggest first-time share sale globally.
How much is Medline worth?
At its $29 IPO price, Medline is now valued at around $39 billion.
Medline surpasses other IPO giants this year
Medline’s $6.26 billion IPO haul makes it the biggest IPO of 2025. As noted by the FT, the offering comes in above the $5.3 billion that Chinese battery maker Contemporary Amperex Technology Co raised in May.
Medline’s $6.26 billion debut also dwarfs the largest U.S. IPO of the year, which was liquefied natural gas producer Venture Global (NYSE: VG). Venture Global raised $1.75 billion in that offering.