Medline’s IPO plans outline a 179 million share offering at $26 to $30 with potential demand from major investors indicating a valuation near $55.3 billion.
- Medline plans to sell 179 million Class A shares at $26 to $30 each.
- Major institutional investors signaled interest in buying as much as $2.35 billion of stock.
- Proceeds will be used to buy units of Medline Holdings LP and support debt repayment.
Medline Inc. (MDLN) set the stage for a major market debut, unveiling a preliminary IPO filing for 179 million Class A shares at an expected price range of $26 to $30.
The filing did not include a valuation, but Reuters reported the deal could reach $55.3 billion, potentially making it 2025’s biggest IPO. The blockbuster listing is also expected to serve as a key test of investor appetite as markets move toward 2026.
Underwriters have a 30-day option to buy an additional 26.85 million shares. Members of the Mills family and their affiliates have indicated interest in purchasing as much as $250 million of stock at the offering price. A group of institutional investors including Baillie Gifford, Capital Research, Counterpoint Global, Durable Capital, GIC, Janus Henderson, Viking Global and WCM Investment Management have expressed interest in purchasing up to $2.35 billion of shares.
Use Of Proceeds
Medline plans to use the proceeds from the offering to buy newly issued common units from Medline Holdings LP.
Medline Holdings LP is the operating partnership that owns the business, and Medline Inc. will sit above it as the public company. After the IPO, Medline will have two types of stock, Class A and Class B, and both will carry one vote each. Existing owners hold partnership units in Medline Holdings LP, so they will receive the same number of Class B shares to match those units.
Medline Holdings will use the funds for debt repayment, general corporate purposes and to cover offering expenses. Any additional proceeds from an underwriter option exercise will be used to buy or redeem equity holdings from certain pre-IPO owners.
Medline’s Supply And Delivery Network
Medline describes itself as the largest provider of medical-surgical products and supply chain services based on total net sales. The company’s catalog spans roughly 335,000 medical products used in hospitals, surgery centers, doctors’ offices and post-acute care settings. Medline runs 69 distribution centers worldwide, including 45 in the U.S., with more than 29 million square feet of warehouse space. The network is large enough to provide next-day delivery to about 95% of its U.S. customers.
Medline manufactures about one-third of its branded products in 33 facilities and sources the rest from more than 500 suppliers across about 40 countries. The company’s Supply Chain Solutions segment distributes 145,000 third-party products and provides inventory and logistics optimization services.
Prime Vendor Relationships Underpin Sales
Medline generated $20.6 billion in net sales and $1 billion in profit over the first nine months of 2025, along with $2.7 billion in core profit. In 2024, the company brought in $25.5 billion in revenue and $1.2 billion in net income. Medline said its sales have grown every year since the company was founded, supported by a large base of recurring revenue.
Prime Vendor agreements accounted for $16 billion in net sales in 2024. Medline said its Prime Vendor retention rate has averaged more than 98% over the past five years.
Commercial Operations
The company maintains $4.5 billion in global inventory and operates a fleet of more than 2,000 MedTrans trucks. Medline’s U.S. commercial organization includes about 3,800 employees across sales, clinical support, customer service and supply chain roles.
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