Medline Industries, a manufacturer and distributor of medical supplies, has publicly filed for an initial public offering in the U.S. The Northfield, Illinois-based company reported a 9.7% increase in revenue, reaching $13.53 billion in the first half of 2025, compared with $12.34 billion a year earlier. Profit increased to $655 million from $587 million year-over-year. The company, founded in 1966 by brothers James and Jon Mills, aims to list on the Nasdaq. While the filing did not disclose pricing details, sources indicate Medline could raise about $5 billion at a potential valuation of up to $50 billion.
The IPO marks a significant step in the market’s recovery after years of subdued activity. Analysts view Medline’s offering as a test of investor confidence heading into 2026. It also represents a potential windfall for its private equity owners, Blackstone, Carlyle, and Hellman & Friedman, who acquired the firm in 2021 for $34 billion. Despite noting some exposure to trade barriers, Medline’s strong performance and sector resilience highlight renewed investor appetite in healthcare. Goldman Sachs, Morgan Stanley, BofA Securities, and J.P. Morgan are leading the offering.
