Medline Poised to Deliver the World’s Biggest IPO of 2025

Medline Industries is targeting up to $5.4 billion in its U.S. IPO, setting the stage for what could become the largest global listing of 2025. The medical supplies manufacturer outlined its offering terms on Monday, according to a filing cited by Bloomberg.

The company plans to sell 179 million shares at a price range of $26–$30 each. At the top of the range, Medline would raise approximately $5.37 billion and secure a valuation of up to $55.3 billion.

Medline has already lined up $2.35 billion in anchor commitments, with participation from major private-equity owners including Blackstone, Carlyle Group, and Hellman & Friedman, the filing showed.

The company is expected to set its final IPO price on December 16 after the U.S. market close. Shares will trade on the Nasdaq under the ticker MDLN.

Largest Global IPO of 2025 — If Priced at the Top

A full subscription at the upper limit would make Medline’s debut the largest IPO worldwide in 2025, surpassing the $5.3 billion raised by China’s battery producer CATL during its Hong Kong listing.

It would also mark the biggest U.S. IPO of the year. Until now, the top spot belonged to Venture Global, whose listing drew in $1.75 billion.

Biggest PE-Backed Listing Since 2011

The deal would also become the largest private-equity backed IPO since HCA Healthcare raised $4.35 billion in 2011, Bloomberg noted.

Medline produces a wide range of medical goods — including gloves, gowns, diagnostic tables and other supplies used across hospitals and clinics. The company filed for its IPO in October during a temporary U.S. government shutdown, which delayed regulatory operations.

Financial Performance and IPO Market Context

For the first nine months of 2025, Medline reported $20.6 billion in revenue, up roughly 10% from a year earlier.

U.S. IPOs have raised $38.7 billion so far in 2025, according to Bloomberg data. Even with Medline’s listing, total volumes will remain slightly below the pre-pandemic average of nearly $50 billion seen throughout the 2010s.

Wall Street expects private-equity firms to accelerate IPO exits in 2026 as market conditions continue to stabilise.