Medline IPO: Strong Vitals, $50B Exit on the Table

Explore news and facts about the pig-to-human organ transplant startup and the potential to own Medline stock before an IPO. 

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Notable Medline News

12/19/2024: Medline announces confidential IPO filing
11/22/2024: Medline aims to raise over $5 billion in 2025 IPO
06/05/2021: Blackstone, Carlyle and Hellman & Friedman to Invest in Medline

About Medline

Medline Industries is a Northfield, Illinois-based healthcare supply company. It was founded in 1966 by Jim and Jon Mills, building upon a family legacy that began in 1910 with the Mills Hospital Supplies company.

The brothers transformed the small garment business into a major medical supply manufacturing and distribution company.

Today, Medline provides a broad range of healthcare products, including surgical instruments, exam gloves, wound care items, and infection prevention supplies. It serves hospitals, nursing homes, physician offices, and other medical facilities.

In addition to manufacturing, Medline offers logistics, supply chain solutions, and analytics services to healthcare providers. As one of the largest privately held medical supply companies in the U.S., Medline competes with giants like Cardinal Health, McKesson, and Owens & Minor.

Private equity firms Carlyle, Hellman & Friedman, and Blackstone completed an investment in June 2024, taking a majority ownership position alongside the Mills family. The current owners are looking to take the company public when market conditions are suitable.

Ownership

Medline is privately owned. The Mills family remains the largest single shareholder group. Blackstone, Carlyle, and Hellman & Friedman collectively own a majority stake since the deal was announced in June 2021. 

Medline was a public company from 1972 to 1977.

Valuation

The most recent confirmed Medline valuation is $34 billion. That is the value placed on the private equity deal that closed in 2021. 

Reuters reported that Medline will seek a $50 billion valuation in a 2025 IPO. 

IPO Potential

Medline filed confidentially for an IPO in December 2024. A specific Medline IPO date remains unclear. According to reports, it was aiming to IPO in Q2 2025, but tariff policy introduced market and trade uncertainty, which could delay the deal. 

The company is expected to raise up to $5 billion at a $50 market capitalization.

We’re monitoring the S-1 feed for the IPO filing to be released to the public. An S-1 filing (confidentially or public) is the most accurate sign that an IPO may be forthcoming. 

How to Invest in Medline Stock

Medline is not a venture-backed startup. It is a private company with a long history of being family-owned. Only in 2021 did it bring on large private equity investors. This may have been, in part, to help it get ready to become a public company. 

As a public company, it can raise significant funds for operations and offer the Mills family the opportunity to liquidate significant ownership to public investors.

Here are some potential options to own Medline stock before, during, and after the IPO.

1. Buy Carlyle Group or Blackstone Stock

Blackstone and The Carlyle Group took a minority stake in Medline as private equity holders in 2021. Individual investors can, therefore, buy The Carlyle Group (symbol: CG) or Blackstone stocks (symbol: BX) to own an indirect stake in Medline equity.

Indirect investing in private companies is a low-risk, low-reward way to participate in private growth. However, in some cases like this one, it is the only way to invest in private companies. 

The Carlyle Group is substantially smaller by several metrics and is, therefore, likely to be a more efficient way to invest in Medline pre-IPO indirectly. However, the terms of the 2021 investment were not disclosed, so we do not know the percentage stake each firm owns. 

2. Participate in the Medline IPO through a broker

When a company eventually goes public, ordinary investors can sometimes buy the stock during the IPO at the IPO price.

Often, only Wall Street’s top customers can invest in IPOs. But with a larger IPO like Medline, investors may have an opportunity to access the IPO through participating discount brokers. 

Some online brokers (like the ones listed below) allow investors to invest in IPOs for free, even if they have limited funds in their accounts.

• TradeStation 
• Robinhood 

TradeStation has a more established track record of accessing more than 400 IPOs and secondary offerings via its partnership with Click Markets (formerly ClickIPO).

Robinhood has the advantage of Silicon Valley networks and a history of getting allocations for high-profile IPOs.

Check out this list of best brokers for IPO investing to learn more about IPO access for retail investors.

3. Buy the stock after the Medline IPO

Medline has long been a privately held company in the hands of the Mills family. An IPO is a significant shift in company structure and operations. The IPO plan likely dates back to the private equity investment in 2021, when it brought on institutional investors who would help it prepare for an IPO. 

At a $50 billion-plus valuation, the IPO will bring significant liquidity for long-term investors. Those interested should compare financials against established competitors. 

Frequently Asked Questions (FAQs)

Is Medline publicly traded?

No. Medline is not publicly traded. It is a private company. 

What is the Medline stock price?

A public Medline stock price does not exist. We do not have access to share price data in secondary marketplaces due to institutional ownership. 

What is the Medline stock symbol?

There is no Medline stock symbol because the company is private.

The company was public from 1972 to 1977, but an exhaustive search for the previous stock symbol came up empty. 

Though private information regarding forthcoming IPOs typically leaks to the press, startup stock symbols are usually not confirmed until the S-1 filing. 

Here are some possible Medline stock symbols that are available in the U.S.: 

• MDLN
• MDL

Where is the Medline IPO S-1 Filing?

Medline has filed for an IPO confidentially but is not available to the public yet. The SEC is likely in the process of qualifying the filing. Once complete, it will be released to the public.

I’ll post a copy of the S-1 filing on this page when it becomes available.  

You can monitor the most recent S-1 IPO filings on this website.

Conclusion

Medline’s confidential IPO filing marks a generational turning point for a family-run business that has quietly become a healthcare logistics powerhouse.

The anticipated $50 billion market cap and $5 billion raise would place it among the largest healthcare IPOs in U.S. history, a testament to both the company’s scale and the growing investor appetite for healthcare infrastructure plays.

With private equity backing from firms like Blackstone and Carlyle, Medline has been positioning itself for this public debut for years, signaling a maturation in its strategic direction.

Yet the road to IPO is rarely smooth; macroeconomic headwinds, policy shifts, and healthcare market volatility could all impact the timing and success of the offering.

Investors intrigued by Medline’s scale and recurring revenue model may want to watch closely—not just for the IPO, but for how Medline chooses to balance growth and shareholder value post-listing.

As one of the last major private firms in its space, Medline’s public debut could reshape the competitive landscape in healthcare supply and logistics.

Retail investors considering an investment in the Medline IPO should carefully consider the qualitative and quantitative information disclosed in the forthcoming S-1 filing.