Medline IPO: Date, Final Terms, and S-1 Filing
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The IPO date was Wednesday, December 17th, 2025. The final IPO price is $29 per share. The stock symbol is MDLN and trades on the Nasdaq.
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Table of Contents
Notable Medline News
12/17/2025: Medline Opens for Trading at $35
12/16/2025: Medline IPO Prices at $29; Ups Offering
12/08/2025: Medline Sets IPO Terms
12/02/2025: Medline Weighs Marketing IPO as Soon as Monday
Older news…
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.
Here’s a recent podcast episode about the upcoming deal:
IPO Terms
- Medline IPO Date: Wednesday, December 17th, 2025 – What time do IPOs start trading?
- Stock Symbol: “MDLN”
- Exchange: Nasdaq
- Offering: 216,034,482 (upsized from 179,000,000)
- Final IPO Price: $29 per share
- First Trade: $35
- First Trade Time: 12:53pm ET
- Initial IPO Price Range: $26-$30 per share
- Raise: $6.25 billion
- IPO Valuation: ~$39 billion
- IPO Access: TradeStation, Moomoo, Webull, Fidelity, SoFi, Robinhood, E*Trade
- Lead Underwriters: Goldman Sachs, Morgan Stanley, B of A, JPMorgan
S-1 Filing
Below is the most recent Medline S-1 filing, the amended version dated December 8th.
Read the latest Medline S-1 filing on the SEC website.
Pre-IPO Ownership
Medline was privately owned headed into the IPO. The Mills family was the largest single shareholder group. Blackstone, Carlyle, and Hellman & Friedman collectively owned 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 private valuation was $34 billion. That is the value placed on the private equity deal that closed in 2021.
Medline’s final IPO market cap was $39 billion.
Competitor Comparison
Medline primarily competes with Cardinal Health, McKesson, and Owens and Minor.
Here is a comparison table of the four companies:
| Company | Revenue | Fiscal Year Ended | Market Cap ( as of 12/2/25) |
|---|---|---|---|
| McKesson | $359.1 billion | March 31, 2025 | $102.32 billion |
| Cardinal Health | $222.6 billion | June 30, 2025 | $48.7 billion |
| Medline | $25.5 billion | December 31, 2024 | $39 billion (IPO market cap) |
| Owens & Minor | $10.7 billion | December 31, 2024 | $206 million |
IPO Potential
The Medline IPO date wass Wednesday, December 17th. It was initially expected to complete before Thanksgiving, but was postpone due to government shutdown uncertainty.
Medline filed confidentially for an IPO in December 2024 and released its filing to the public on October 28th, 2025.
The company has raised $6.25 billion in its IPO.
How to Invest in Medline Stock
Medline is a publicly traded stock as of December 17th, 2025. Buy it through any retail broker under the stock symbol MDLN
Investor Takeaways
Medline’s IPO marks a generational turning point for a family-run business that has quietly become a healthcare logistics powerhouse.
The $39 billion market cap and $6.25 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.
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.
Medline News Archive
10/28/2025: Medline Files for an IPO. Read S-1.
10/14/2025: Medline Sales Reach $13.5 Billion in First Half
09/24/2025: Medline Weighs $5B IPO Filing as Soon as Oct
09/13/2025: Medline readies IPO in coming months
04/04/2025: Companies pause US IPO plans as tariffs tank markets
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
Frequently Asked Questions (FAQs)
Craig Stephens founded Access IPOs in 2016 to help ordinary investors explore IPO and pre-IPO opportunities. He also manages the Access Club, a membership community for IPO and startup investors. Craig studied Finance at Michigan State University and lives in Northern Virginia. Learn more about Craig.
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