Medline debuts on Nasdaq after biggest IPO of 2025

Shares of U.S. medical provides large Medline jumped in its debut on the Nasdaq on Wednesday after the most important preliminary public providing of the yr globally.

The inventory opened at $35, up from its $29 IPO worth. Shares closed up greater than 41% at $41 a share, bringing Medline’s market capitalization to roughly $54 billion.

The personal equity-owned firm offered a little bit over 216 million shares on Tuesday, elevating $6.26 billion in an upsized providing that completed off a powerful yr for brand new listings and bolstered optimism concerning the IPO market in 2026. Shares of Medline will commerce below the image MDLN. 

That IPO pricing offers Medline a market worth of no less than $37 billion, based mostly on the shares listed in its regulatory filings.

“Traditionally, we have achieved little or no promoting, little or no advertising and marketing, and this offers us a option to amplify our voice and really broaden actually the receptivity of who we’re,” Medline CEO Jim Boyle instructed CNBC’s “Squawk Field” earlier Wednesday. “We’re the most important firm you’ve got by no means heard of, and we occur to be in all places. And that is a very attention-grabbing factor.”

The U.S. IPO market has held regular regardless of market volatility within the spring, pushed by President Donald Trump’s sweeping tariffs, and the longest U.S. authorities shutdown in historical past within the fall. Simply over 200 IPOs have priced this yr, together with Medline, which is the most important U.S. itemizing since Rivian‘s $13.7 billion deal in November 2021, in keeping with information compiled by CNBC.

However Medline’s IPO can also be among the many largest personal equity-backed listings. Three personal fairness companies — Blackstone, Carlyle and Hellman & Friedman — acquired a majority stake within the firm in 2021 for a whopping $34 billion. On the time, the deal was the most important leveraged buyout for the reason that monetary disaster. 

Medline, based in 1966, is predicated in Northfield, Illinois. The corporate manufactures and distributes roughly 335,000 totally different medical and surgical provides — from gloves, masks and scalpels to wheelchairs. Medline has clients in additional than 100 international locations and, as of the top of 2024, employed greater than 43,000 employees worldwide. 

Medline’s complete debt was round $16.8 billion as of late September 2025. The corporate raked in $25.5 billion in web gross sales in 2024.

Medline’s earlier plans to go public this yr had been postponed on account of uncertainty round tariffs affecting merchandise from Asia. Nearly all of the corporate’s merchandise are sourced or manufactured in Asian nations, notably China. 

Medline expects a $150 million to $200 million hit from tariffs to revenue earlier than taxes in fiscal 2026.

The corporate competes with names like McKesson and Cardinal Well being. 

— CNBC’s Gina Francolla contributed to this report