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Medline’s landmark IPO cements its position as a market leader while signaling renewed optimism for U.S. public offerings in 2026.
The largest U.S. IPO of 2025 signals renewed investor confidence and sets the stage for a strong 2026, as private equity-backed firms look to public markets.
Medline Industries, the Northfield, Illinois-based medical supplies manufacturer and distributor, made a spectacular debut on the New York Stock Exchange on Wednesday, with shares surging over 40% in the largest U.S. initial public offering (IPO) of the year. Valued at $54 billion, Medline’s listing marks the biggest IPO since Rivian’s 2021 debut and the largest private-equity-backed IPO ever.
Shares opened at $35, well above the IPO price of $29, and closed at $41, reflecting robust investor demand. The company sold 216 million shares in an upsized offering, raising $6.26 billion to reduce debt and amplify its market presence.
Founded in 1966 by brothers Jon and Jim Mills, Medline has consistently posted net sales growth through economic cycles and the COVID-19 pandemic. Its product range includes surgical kits, gloves, gowns, wheelchairs, and other essential medical supplies used by hospitals worldwide. With 33 facilities globally—19 of them in the U.S.—Medline maintains a diverse manufacturing footprint that helps mitigate tariff risks from overseas sourcing.
CEO Jim Boyle emphasized continuity in leadership: “We’re going to run the business exactly the same way we ran it yesterday. It (the IPO) just allows us to buy down debt and amplify our voice.” Medline reported net income of $977 million on revenue of $20.6 billion for the nine months ending September 27, up from $911 million on $18.7 billion in the prior year.
The successful IPO not only underscores Medline’s strong market position and investor confidence in its growth prospects, but also represents a bright spot for U.S. IPO activity in 2025. Excluding blank-check firms, first-time share sales in the U.S. raised a combined $46.15 billion this year, the highest since the 2021 boom, with traditional offerings increasing over 21% from 2024.
Wall Street analysts note that Medline’s IPO is distinct from typical growth-focused offerings, as the company is profitable, cash-generative, and well-understood, appealing to investors seeking stability in an otherwise volatile market.
Looking ahead, the successful Medline listing is expected to encourage more private-equity-backed firms to consider public markets. High-profile firms, including Elon Musk’s SpaceX, are anticipated to lead a strong slate of IPOs in 2026, signaling optimism for both Wall Street and the broader economy.
Goldman Sachs, Morgan Stanley, BofA Securities, and JPMorgan served as lead bookrunning managers for the offering, guiding Medline through a historic debut that capped a robust year for IPO activity and set a promising tone for 2026.
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