The IPO Buzz: Medline (MDLN) Upsizes IPO & Prices it at $29 – $1 Below Top of Range
By Jan Paschal
Medline (MDLN) increased its IPO’s size at pricing to 216.03 million shares – up from 179 million shares – and priced the deal at $29.00 – $1.00 below the top of the range – to raise $6.26 billion on Tuesday night, Dec. 16, 2025. This is the biggest IPO of the year. Medline’s stock is expected to start trading tomorrow – Wednesday, Dec. 17, 2025 – on the NASDAQ.
At pricing, Medline had a market cap of $39.21 billion.
Goldman Sachs, Morgan Stanley, BofA Securities and J.P. Morgan were the joint lead book-runners. The investment banking team counted another 21 banks as joint book-runners and another 21 banks as co-managers.
Eight cornerstone investors had indicated an interest in buying up to $2.23 billion of stock – plus members of the founding family – the Mills Family – had indicated an interest in acquiring up to about $250 million of stock.
Medline, founded in 1966 and based in the Chicago suburb of Northfield, Illinois, intends to use most of the IPO proceeds to repay $4 billion in debt. Its total debt stood at about $16.8 billion, as of Sept. 27, 2025, according to the prospectus.
| Medline is controlled by three private equity firms – Blackstone, Carlyle and Hellman & Friedman (H&F) – that agreed in early June 2021 to buy a majority stake in the company for about $34 billion in what was one of the largest LBOs (leveraged buyouts) of all time. |
| Blackstone and Carlyle are also among the 21 co-managers of the IPO. From the prospectus: “We are the largest provider of medical-surgical (“med-surg”) products and supply chain solutions serving all points of care, based on total net sales of med-surg products,” Medline said in the prospectus. “Through our two segments, Medline Brand and Supply Chain Solutions, we offer approximately 335,000 med-surg products, including surgical and procedural kits, gloves and protective apparel, urological and incontinence care, wound care, and consumable lab and diagnostics products.” Medline provides these products through its network of 69 global distribution facilities, spanning over 29 million square feet of warehouse space, and its owned fleet of over 2,000 MedTrans trucks, enabling the company to provide next-day delivery to 95 percent of its U.S. customers, the prospectus said. |
| The founding Mills Family has indicated an interest in buying up to $250 million of stock at the IPO price. Their stock will be subject to a lock-up agreement with the underwriters.
Cornerstone investors have indicated an interest in buying up to $2.35 billion in Class A common stock in in the IPO at the IPO price: -Baillie Gifford Overseas Limited, acting on behalf of a number of its and its affiliates’ clients; -Capital Research Global Investors, one or more accounts under its management; -Counterpoint Global (Morgan Stanley Investment Management); -one or more funds managed by Durable Capital Partners LP; -GIC Private Limited; -Janus Henderson Investors; -Viking Global Investors LP, on behalf of certain of its clients, and -certain investment funds and accounts managed by WCM Investment Management, LLC . Their stock will not be subject to a lock-up agreement with the underwriters, according to the prospectus. Medline is profitable: Net income of $1.3 billion on revenue of $26.7 billion for the 12 months that dede |
Financial Snapshot: Net income of $1.3 billion on revenue of $26.7 billion for the 12 months that ended June 28, 2025
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com website.)
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Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and the rating is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.
Source: https://www.iposcoop.com/the-ipo-buzz-medline-mdln-upsizes-ipo-prices-it-at-29-1-below-top-of-range/
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