Medline debuts on Nasdaq after biggest IPO of 2025

Medline’s Successful IPO Debut on the Nasdaq

Medline, a leading U.S. medical supplies giant, made a remarkable debut on the Nasdaq stock market on Wednesday, with its shares jumping over 41% to close at $41 apiece. This significant increase brought the company’s market capitalization to approximately $54 billion. The successful initial public offering (IPO) raised $6.26 billion, making it the largest IPO of the year globally.

The private equity-owned company, which was founded in 1966 and is based in Northfield, Illinois, sold over 216 million shares at $29 each. Medline’s CEO, Jim Boyle, expressed his enthusiasm about the IPO, stating that it would enable the company to amplify its voice and expand its reach. Boyle described Medline as “the largest company you’ve never heard of,” highlighting its ubiquitous presence in the medical supplies industry.

Market Performance and IPO Context

Despite market volatility and President Donald Trump’s sweeping tariffs, the U.S. IPO market has remained steady, with over 200 IPOs pricing this year. Medline’s IPO is also notable for being one of the largest private equity-backed listings, with three private equity firms – Blackstone, Carlyle, and Hellman & Friedman – acquiring a majority stake in the company for $34 billion in 2021.

Medline’s successful IPO has bolstered optimism about the IPO market in 2026. The company’s shares will trade under the symbol MDLN, and its market value is estimated to be at least $37 billion, based on the shares listed in its regulatory filings. Medline’s IPO pricing gives the company a significant market presence, and its strong debut is expected to have a positive impact on the medical supplies industry.

Company Overview and Financials

Medline manufactures and distributes approximately 335,000 different medical and surgical supplies, including gloves, masks, scalpels, and wheelchairs. The company has customers in over 100 countries and employs more than 43,000 workers worldwide. Medline’s total debt was around $16.8 billion as of late September 2025, and the company generated $25.5 billion in net sales in 2024.

Medline expects to take a $150 million to $200 million hit from tariffs to income before taxes in fiscal 2026, primarily due to the majority of its products being sourced or manufactured in Asian nations, particularly China. The company competes with other major players in the medical supplies industry, including McKesson and Cardinal Health.