Shares of Medline, a giant in the U.S. medical supplies industry, surged on its debut on the Nasdaq on Wednesday, marking the largest initial public offering (IPO) of the year globally. The stock opened at $35, significantly higher than its IPO price of $29, and closed up over 41% at $41 per share. This strong performance catapulted Medline’s market capitalization to approximately $54 billion. The private equity-backed firm sold more than 216 million shares in a robust offering, raising $6.26 billion and highlighting renewed optimism in the IPO market as we look ahead to 2026. Medline will trade under the ticker symbol MDLN.
In a conversation with CNBC’s “Squawk Box,” Medline CEO Jim Boyle emphasized the importance of this IPO for the company, stating, “Historically, we’ve done very little advertising, very little marketing, and this gives us a way to amplify our voice.” He described Medline as “the largest company you’ve never heard of,” underscoring its extensive footprint in the industry. This IPO is significant not just for its size but also for being the largest U.S. listing since Rivian’s $13.7 billion IPO in November 2021.
Despite encountering challenges such as market volatility caused by political developments and a prolonged government shutdown, the U.S. IPO market has remained resilient. Medline’s IPO is among over 200 that have priced this year. The company’s rise comes after it was acquired in 2021 by three major private equity firms-Blackstone, Carlyle, and Hellman & Friedman-in a deal valued at $34 billion, marking the largest leveraged buyout since the 2008 financial crisis.
Founded in 1966 and headquartered in Northfield, Illinois, Medline manufactures and distributes around 335,000 medical and surgical supplies, including gloves, masks, scalpels, and wheelchairs. The company services clients in over 100 countries and employed more than 43,000 people globally as of the end of 2024. However, Medline is not without its challenges. As of late September 2025, the company’s total debt was approximately $16.8 billion, and it recorded $25.5 billion in net sales in 2024.
Plans for this IPO were initially delayed due to uncertainties surrounding tariffs on products sourced from Asia, especially China, where the majority of Medline’s supplies are either manufactured or sourced. The company anticipates a financial impact of $150 million to $200 million from tariffs on its pre-tax income for fiscal 2026.
In a competitive landscape dominated by firms like McKesson and Cardinal Health, the successful IPO of Medline not only strengthens its market presence but also signals confidence in the future of the IPO market. As Medline embarks on this new chapter, industry observers will be keenly watching how it leverages its newfound visibility and capital to expand further into the medical supplies sector.
This article incorporates contributions from CNBC’s Gina Francolla and provides an overview of a pivotal moment in the IPO landscape.
Original Source: https://www.cnbc.com/2025/12/17/medline-debuts-nasdaq-biggest-ipo-2025.html
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Publish Date: 2025-12-18 07:02:00
