Medline, one of the world’s largest manufacturers and distributors of medical-surgical supplies, has moved forward with terms for its massive IPO, targeting a $5 billion raise in mid-December. If successful, this would be the largest US listing since 2021, giving investors a major year-end event amid a cautiously improving IPO market.
Medline stands as a dominant force in the global healthcare supply chain, offering roughly 335,000 medical-surgical products across hospitals, labs, surgery centers, and specialty care providers. Its operations span two major segments: Medline Brand, which covers its own manufactured and private-label items, and Supply Chain Solutions, which distributes third-party supplies and provides high-touch logistics, procurement, and fulfillment services. Supported by 33 manufacturing facilities, more than 500 sourcing partners, 69 distribution centers, and a fleet of 2,000 trucks, Medline delivers to 95% of US customers within a day. Founded in 1966 and still largely family-owned, the company has also expanded into laboratory supplies, animal health, and international markets, generating $27.4 billion in revenue in the 12 months ending September 30, 2025.
Under the IPO terms, Medline plans to offer 179 million shares at a range of $26 to $30, implying a fully diluted valuation of $37.3 billion at the midpoint. A defining component of the offering is the strength of cornerstone demand: Capital Group, Morgan Stanley’s Counterpoint Global, Durable Capital Partners, GIC, Janus Henderson, Viking Global, and WCM Investment Management have collectively indicated interest in buying $2.4 billion worth of shares. The founding Mills family will also invest $250 million. Medline will trade on the Nasdaq under the ticker MDLN, backed by a powerhouse syndicate of underwriters including Goldman Sachs, Morgan Stanley, BofA Securities, J.P. Morgan, and Citi.
The IPO arrives at a time when the healthcare sector remains one of the most stable corners of the market. Supply chain modernization, aging populations, rising demand for medical goods, and the shift toward efficiency-driven procurement continue to create long-term expansion opportunities. Medline’s scale, vertical integration, and deep customer relationships provide meaningful competitive advantages at a moment when health systems are prioritizing reliability and cost transparency.
Nonetheless, the company enters the public arena with notable challenges. Manufacturing and logistics inflation remain structural pressures, while reliance on global suppliers keeps Medline exposed to volatility in transportation and raw materials markets. Competition from other major distributors could intensify, especially as large healthcare networks consolidate purchasing. Investors may also question whether the company can maintain its pace of growth as it becomes increasingly difficult to scale operational efficiency across such a massive footprint. The size of the IPO itself raises expectations that Medline will deliver strong, consistent performance immediately after listing.
As Medline approaches what could be the largest IPO in four years, investors must decide whether the company’s scale, infrastructure, and vertical integration establish a new anchor in the healthcare supply landscape or whether the offering represents a well-timed capital raise rather than a transformative market event.
