Full Breakdown
Medline Inc. Prepares for Major IPO
12/17/2025, 12:07:16 AM
Overview of Medline's IPO Plans
Medline Inc., a Northfield, Illinois-based medical supplies company, is set to launch an initial public offering (IPO) that could raise up to $7 billion. Initially, the company planned to offer 179 million shares priced between $26 and $30 each, aiming for a total of approximately $5.37 billion. This IPO is poised to be the largest of 2025, surpassing the previous record held by Chinese battery maker Contemporary Amperex Technology Co. Ltd. at $5.26 billion.
Financial Performance and Use of Proceeds
For the nine months ending September 27, 2025, Medline reported adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of $2.66 billion, with a net income of $977 million on revenues of $20.6 billion. This marks an increase from the previous year, where the company reported $2.55 billion in adjusted EBITDA, $911 million in net income, and $18.7 billion in revenue. The proceeds from the IPO are intended to be used primarily for debt repayment, with any remaining funds allocated for general corporate purposes.
Key Figures and Management
Medline was founded in 1966 by brothers Jim and Jon Mills and is currently led by CEO James Boyle. The company employs over 43,000 individuals and operates more than 24,000 locations across the United States. In a joint statement, former executives Charles Mills, Andrew Mills, and James Abrams emphasized Medline's commitment to improving healthcare affordability and efficiency, highlighting the company's growth driven by a focus on long-term relationships with customers and stakeholders.
Official Statements & Responses
Medline has not publicly commented on the specifics of the IPO beyond its filings with the U.S. Securities and Exchange Commission. The lead underwriters for the offering include Goldman Sachs, Morgan Stanley, Bank of America, and JPMorgan Chase, among others.
Criticism & Opposition
While no specific criticisms have been reported regarding Medline's IPO, the broader context of private equity ownership in healthcare companies often raises concerns among advocates for healthcare reform. Critics argue that such ownership can lead to increased costs and reduced access to care, although no direct opposition to Medline's IPO has been documented in the sources.
Conflicting Reports & Gaps
There is a discrepancy regarding the total amount Medline could raise in its IPO. While initial reports indicated a target of $5.37 billion, subsequent reports suggest the potential for an upsized offering of up to $7 billion. This variation highlights the evolving nature of the IPO process and investor interest.
What's Next
Medline's IPO is scheduled to price late Tuesday, with banks ceasing to take orders from institutional investors by Monday at 4 p.m. New York time. The company expects to begin trading on the Nasdaq Global Select Market under the symbol MDLN, marking a significant milestone in its corporate journey.
Verbatim Quotes
“In a joint statement, Charles Mills, Andrew Mills, and James Abrams, Medline’s former chief executive officer, president, and chief operating officer, respectively, said, “Medline is dedicated to making healthcare run better and more affordably.” — Charles Mills, Former CEO, Medline Inc.
“Our consistent growth has been fuelled by our belief in doing the right thing and focusing on the long-term health of our customers, colleagues, and shareholders.” — James Abrams, Former COO, Medline Inc.
