Medline, which is leading medical supplies manufacturer and distributor, announced terms for its IPO on Monday.
The Northfield, IL-based company plans to raise $5.0 billion by offering 179 million shares at a price range of $26 to $30. Cornerstone investors Capital Group, Counterpoint Global (Morgan Stanley), Durable Capital Partners, GIC, Janus Henderson, Viking Global, and WCM Investment Management have indicated on $2.4 billion worth of shares in the offering (47% of the deal), and the founding Mills Family has indicated on $250 million (5% of the deal). At the midpoint of the proposed range, Medline would command a fully diluted market value of $37.3 billion.
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 serves as prime vendor for 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.
Medline was founded in 1966 and booked $27.4 billion in revenue for the 12 months ended September 30, 2025. It plans to list on the Nasdaq under the symbol MDLN. Goldman Sachs, Morgan Stanley, BofA Securities, J.P. Morgan, Barclays, Citi, Deutsche Bank, Jefferies, UBS Investment Bank, Evercore ISI, BMO Capital Markets, BNP Paribas, MUFG Securities America, RBC Capital Markets, Santander, Societe Generale, TD Securities, Wells Fargo Securities, WR Securities, Nomura Securities, Leerink Partners, Macquarie Capital, Mizuho Securities, Piper Sandler, Truist Securities, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of December 15, 2025.
