Medline's Record-Breaking 2025 IPO: Key Takeaways for Investors

In a year already marked by some major IPOs, one name has stood out: Medline. The medical supplies giant, long backed by some of the largest private equity firms in the world, has finally gone public with a massive offering that has captured the attention of investors and analysts alike. As the offering closes and shares hit the market, let's break down the key numbers, the strategic moves behind the IPO, and what it all means for the broader market landscape.

A Record-Breaking 2025 IPO

Medline's IPO, priced at $29 per share, raised a staggering $6.26 billion across 216 million shares,

, making it the largest offering of the year so far. That eclipsed the previous 2025 IPO record set by a Chinese battery manufacturer in May, which raised $5.3 billion. The underwriters also have the option to purchase up to an additional 32 million shares within 30 days, which could push the total offering even higher.

For context, this is a significant jump from the company's initial target of $5.4 billion, according to reports, and it now ranks as one of the largest IPOs since Rivian's 2021 debut. The shares are trading on Nasdaq under the ticker MDLN since December 17, 2025, according to market data.

What the Company Will Do With the Cash

A major part of the IPO's appeal lies in its clarity of purpose. Most of the funds—$5.37 billion—will go toward repaying Medline's existing $17 billion in debt, which was taken on when private equity giants Blackstone, Carlyle, and Hellman & Friedman acquired the company in 2021 for $34 billion, according to financial reports. That deal was one of the largest leveraged buyouts since the 2008 financial crisis.

The remaining proceeds will go toward purchasing or redeeming equity from pre-IPO owners, a move that aligns with common private equity exit strategies. Importantly, the IPO isn't just about debt repayment—it also signals a broader shift in the company's ownership and financial structure, making it more accessible to a wider range of investors.

The Bigger Picture: Private Equity Meets Public Markets

Medline's IPO is not just a win for the company. It also highlights a growing trend: private equity-backed companies going public after years of restructuring and debt-heavy takeovers. This offering could set a new benchmark for how such companies transition to the public market and how they manage their debt loads while maintaining growth.

The success of Medline's IPO could encourage other private equity-backed companies to follow suit. However, it also raises questions about the sustainability of these high-debt models in a public market setting. Investors will be watching closely to see how Medline balances its public market expectations with its need for financial discipline.

Looking Ahead

With shares now trading under the MDLN ticker, the focus will shift to Medline's performance as a publicly listed company. While the IPO has already been a massive success, the real test lies in how the company manages its post-IPO strategy, including how it uses the proceeds, handles its debt, and continues to grow in a competitive medical supply industry. For now, the IPO is a milestone for Medline—and a signal that the private equity/public market dynamic is far from over.

In the coming months, investors will be looking for signs that Medline can maintain its growth while managing its debt and navigating the expectations of public shareholders. If it can do so, the company could become a key player in the medical supply sector—and a model for other private equity-backed companies considering a public listing.