Medline, a leading medical supplies manufacturer and distributor, filed on Tuesday with the SEC to raise what we estimate could be up to $5 billion in an initial public offering. At a $5 billion deal size, it would be the largest IPO since Rivian in 2021.
Medline is a major distributor and manufacturer of medical-surgical products, supplying roughly 335,000 items across two segments: Medline Brand, which includes the company’s own manufactured and private-label products, and Supply Chain Solutions, which distributes third-party medical supplies and provides logistics and procurement services to healthcare organizations. The company produces about one-third of its branded products in 33 global facilities and sources the rest from more than 500 suppliers. Its distribution network includes 69 facilities and a fleet of over 2,000 trucks serving about 95% of US customers within a day. Medline works with more than 1,300 healthcare organizations under long-term supply agreements and continues to expand into areas such as laboratory, animal health, and international markets.
The Northfield, IL-based company was founded in 1966 and booked $32.9 billion in revenue for the 12 months ended June 28, 2025. It plans to list on the Nasdaq under the symbol MDLN. Medline filed confidentially on December 19, 2024. Goldman Sachs, Morgan Stanley, BofA Securities, and J.P. Morgan are the joint bookrunners on the deal. No pricing terms were disclosed.
