Medline is preparing to launch its investor road show after publicly filing for an initial public offering, pushing the medical-surgical supply giant closer to one of the largest IPOs expected this year. The Northfield, Illinois-based business confirmed in an October SEC filing that it plans to trade on the Nasdaq Global Select Market under the ticker symbol MDLN.
People familiar with the deal say the company could begin marketing the offering as soon as next week — a sign that its private-equity owners, including Blackstone, Carlyle Group and Hellman & Friedman, see conditions aligning for a major public-market debut.
Rising Revenue, Rebound in Earnings
Medline has posted consistent growth since its 2021 leveraged buyout, with data disclosed in the S-1 providing the most detailed picture of its business performance. The company reported $25.5 billion in net sales for 2024, up from $23.23 billion in 2023 and $21.45 billion in 2022 — a 20% topline gain over two years.
Profitability rebounded sharply last year. Medline posted $1.2 billion in net income for 2024, recovering from a $234 million profit in 2023 and a $25 million loss in 2022.
Its momentum continued into this year: for the six months ended June 28, 2025, Medline recorded $13.5 billion in net sales — up 9.7% from the year-earlier period — and $655 million in net income.
Adjusted EBITDA for the first half reached $1.8 billion with a 13.3% margin, underscoring the strong cash generation that has helped the company maintain operational resilience through inflation and supply-chain volatility.
Scale — and Leverage
With hundreds of thousands of SKUs, a mix of proprietary manufacturing and broad distribution, and a customer base spanning hospitals, clinics, and post-acute care, Medline is among the world’s largest suppliers of medical-surgical products.
Those strengths were amplified during the pandemic, when healthcare customers leaned heavily on reliable sources of PPE and other clinical supplies. Today, the company continues to position its vertically integrated model as a core competitive advantage.
But that scale comes with a cost. Medline still carries significant debt stemming from the 2021 buyout led by Blackstone, Carlyle, and Hellman & Friedman — a crucial factor in its move to the public markets. The company says IPO proceeds will primarily go toward paying down borrowings, with the balance reserved for general corporate uses.
Target: $5 Billion
Medline has not yet disclosed a price range or number of shares. But bankers involved with the deal say the company plans to raise about $5 billion, which could support an implied valuation near $50 billion. If achieved, the deal would rank among the year’s largest U.S. offerings — and one of the biggest ever for a private-equity-backed industrial healthcare company.
Analysts say Medline’s combination of durable demand, scale and profitability could resonate with investors who are shifting focus from high-growth tech toward companies with predictable cash flows.
Risks in the Supply Chain
The S-1 also outlines vulnerabilities. Medline relies heavily on overseas manufacturing for segments of its portfolio, leaving it exposed to trade-policy shifts, tariffs and logistics disruptions that could raise costs or strain service levels.
Inflation remains a persistent obstacle — particularly in freight, labor, and input materials. While pricing actions have helped preserve margins recently, investors will be asking how sustainable those measures are in a slower-demand environment.
A Market Test for Private Equity
The IPO will serve as a bellwether for how Wall Street views complex, asset-heavy companies coming out of private-equity ownership. Medline’s planned debt paydown is critical to its pitch — but success will be determined by investor confidence in its long-term earnings power.
Market volatility could still delay or reshape the deal, the company notes in its filing. But if execution remains on track, Medline could reach public markets as early as late December or in the first quarter of 2026.
Stakes for Healthcare Providers
Medline’s performance matters far beyond capital markets. The company is a key link in the U.S. healthcare supply chain — responsible for ensuring the availability of essential medical goods, from basic PPE to operating-room products.
A stronger balance sheet could give Medline more room to invest in domestic manufacturing, distribution capacity, and technology — investments that could improve supply stability for hospitals and caregivers who cannot afford disruption.
What to Watch Next
- Over the coming weeks, several developments will signal how the IPO is progressing.
- A preliminary pricing range in an updated prospectus.
- Institutional feedback during the road show.
- Any sign of anchor investor commitments.
- Shifts in interest-rate or equity-market sentiment.
If Medline reaches the valuation its owners envision, the offering could reopen the window for other large, private-equity-backed industrial companies that have waited out a volatile IPO climate — while also demonstrating renewed investor interest in supply-chain resilience as a business moat.
For Medline, the test is now one of execution: translating years of growth and pandemic-era reliance into a compelling public-market story — with a lighter debt load and a clearer path for future expansion.
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