Medline share sale said to end over five times oversubscribed

Medline share sale said to end over five times oversubscribed

Certain selling shareholders of Medline Inc. completed a $3.1 billion share sale, capitalizing on the medical supplier’s strong post-IPO performance. The offering involved 75 million shares priced at $41 each, sold by affiliates of Blackstone Inc., Carlyle Group Inc., Hellman & Friedman, and Abu Dhabi Investment Authority according to Bloomberg. The sale, which was multiple times oversubscribed—exceeding five times demand according to industry sources—marked the first major secondary offering since Medline’s $7.2 billion initial public offering in December 2025, the largest IPO of that year as reported.

The shares traded at $45.85 on Monday, reflecting a 58% gain since the IPO, but the offering price represented an 11% discount to that level. The sale proceeded ahead of the typical six-month lockup period, which underwriters agreed to lift. Blackstone, Carlyle, and Hellman & Friedman each sold 23.3 million shares, while ADIA sold 5.1 million, per an SEC filing. Medline itself did not participate in the offering and will not receive proceeds from the transaction.

The sale underscores pressure on private equity firms to return capital to investors, as distributions as a percentage of net asset value remained at 14% in 2025—the second-lowest level since the 2008 financial crisis. Goldman Sachs, Morgan Stanley, Bank of America, and JPMorgan led the offering, replicating their roles in Medline's IPO. Shares closed at $42.88 on Wednesday ahead of final pricing.