Published on: 2025-10-13
Medline, a giant in medical supplies manufacturing and distribution, is reportedly planning a $5 billion IPO in late 2025, potentially valuing the company at $50 billion. If successful, it could become the largest U.S. IPO of the year.
As of October 2025, reports suggest that Medline could seek a valuation between $45 billion and $55 billion, depending on market sentiment and visibility of growth. If successful, it could become the largest U.S. IPO of the year. [1]
Backed by heavyweight private equity firms (Blackstone, Carlyle, Hellman & Friedman) and benefiting from renewed institutional demand for marquee listings, Medline's IPO debut is shaping up to be a defining test of 2025's market. That said, its success hinges on timing, valuation discipline, regulatory climate, and investor appetite during macro uncertainty.
In this article, we'll cover Medline's company profile & business model, recent developments, latest IPO signals, valuation expectations, strengths, potential challenges and what investors should watch.
Medline Industries, LP, is a privately held healthcare supply company headquartered in Northfield, Illinois. It offers a wide range of medical and surgical products (gloves, gowns, exam tables, wound care, infection prevention), supply chain services, clinical solutions and analytics to hospitals, clinics, labs, and home care agencies globally.
Founded in 1966 by Jim and Jon Mills, Medline traces its roots back to garment manufacturing and small hospital supply operations, gradually growing through vertical integration and acquisitions over the decades.
Gradually, it has expanded its range of products (reportedly exceeding 335,000 items, many of which are branded Medline) and distribution reach across over 125 nations.
In June 2021, a consortium led by private equity firms Blackstone, Carlyle, and Hellman & Friedman acquired a majority stake in Medline in a deal valued at approximately $34 billion. That buyout helped consolidate institutional ownership and set the stage for a future exit via public markets.
In fact, Medline was once publicly traded, as it floated on the market in 1972, but was acquired by the Mills family in 1977 and taken private. Thus, this would be its second IPO in history.
In December 2024, the company confidentially filed for an IPO with the SEC, signalling that active preparations were underway. Though as of Q4 2025, no confirmed filing date has been announced, and the process remains ongoing. [2]
Multiple financial outlets now report that Medline is targeting a $5 billion IPO to be priced in late 2025, with a valuation range between $45–55 billion. This places it among the marquee potential listings of the year.
Market insiders indicate that a filing in late Q4 2025 remains possible, depending on market stability. [3]
Lead banks reportedly include Goldman Sachs and Morgan Stanley, with participation from JPMorgan and Bank of America.
Earlier in 2025, some delays occurred due to uncertainties in trade and tariff policies, causing Medline to pause or reevaluate timing.
According to PitchBook's 2025 estimate, Medline's preliminary revenue reached $27–28 billion in 2025, up from $25.5 billion in 2024. [4]
The firm reportedly holds a product range of approximately 335,000 items, featuring numerous Medline-branded products, with nearly 190,000 SKUs under patent application or branded status.
Its revenue mix reportedly attributes ~45% to medical-surgical supplies, with a strong distribution and services business supporting margins.
A $5 billion raise and $50 billion valuation would easily place Medline among the largest U.S. IPOs of the year. With IPO markets reviving in 2025, few private companies of this scale remain unpublished.
Investors have shown renewed appetite for large, defensible healthcare and infrastructure plays outside of pure tech. A well-executed Medline listing could tap that demand.
Having major private equity owners (Blackstone, Carlyle, H&F) gives Medline credibility, financial backing, and governance structures expected by public markets. The IPO serves as a liquidity event for sponsors and as a means to raise capital.
Medline's combination of manufacturing, distribution logistics, product breadth and analytics-oriented services offers a diversified base. This complexity can be an advantage (higher switching costs, integrated operations) if managed well.
The IPO window in late 2025 may prove favourable, as the U.S. IPO market rebounds from a weak 2024. Healthcare names have outperformed tech listings year-to-date, supported by defensive earnings.
Moreover, banks are reportedly pushing startups to list quickly before macro volatility possibly resurges.
| Category | Points | Details |
|---|---|---|
| Strengths / Pros | Scale and capacity | Medline already has a large footprint, product catalog, and global distribution network. |
| Product diversity & vertical integration | It manufactures many of the goods it distributes, helping control margins and cost. | |
| Recurring revenue & services | Supply agreements, contracts, and logistics services provide more stable cash flow than pure product sales. | |
| Strong private equity support | Sponsor backing helps in preparing for public market demands, IPO execution, and credibility. | |
| Market gaps & fragmentation | The global medical supply market is highly fragmented, providing room for consolidation and efficiency gains. | |
| Risks / Challenges | Valuation stretch | Achieving a $50B+ valuation demands high growth expectations; missing them could trigger a sharp correction. |
| Macro / interest rate sensitivity | IPO valuations are vulnerable to rate hikes or “risk-off” sentiment. | |
| Operational execution post-IPO | Integrating acquisitions and managing supply chain risk remain crucial. | |
| Regulatory & healthcare policy risk | Changes in U.S. healthcare policy or tariffs could affect margins. | |
| Lock-up and liquidity drag | Large shareholders may have extended lock-up periods. | |
| IPO timing risk | Market volatility could delay or reduce pricing power. |
The table above summarises Medline's operational advantages and key IPO risks investors should weigh before listing.
Below are rough scenario cases to guide expectations. These are illustrative, not guarantees.
| Scenario | Implied Valuation / IPO Size | Key Assumptions | Risks to Scenario |
|---|---|---|---|
| Base / consensus | $50B valuation; $5B raise | Moderate growth, stable demand, and strong IPO appetite. | Execution risk; macro softness. |
| Bull / upside | $60–70B valuation | Strong growth surprise; premium investor demand. | Elevated valuation volatility. |
| Bear / downsize | $30–40B valuation; $3–4B raise | Weaker growth or sentiment. | Delay or downpricing risk. |
Should Medline perform effectively and the markets stay favourable, it may surpass predictions. But the margin for error is thin given the scale of expectations.
Here is a checklist of key metrics and disclosures that often determine how the public markets judge an IPO:
1. Growth Rates & Margins
2. Revenue Breakdowns
3. Customer Concentration & Retention
4. Capital Expenditure and Working Capital Disclosures
5. Debt & Leverage Structure
6. Use of Proceeds & Allocation
7. Competitive Landscape & Barrier Analysis
8. Regulatory Risk Disclosures
9. Lock-up Terms, Listing Structure and Dual Share Structure (If Any).
10. Forward Guidance & Growth Outlook
Pre-IPO Access: For most retail investors, access to pre-IPO opportunities is limited. Some institutional platforms, venture investors, or private market funds may offer shares, but these come with high minimums and significant risk.
Proxy Exposure via Sponsors: You can invest in Blackstone (BX) or Carlyle (CG) to get some indirect exposure to Medline's upside.
Public Aftermarket: The safest route for most is waiting until after listing, watching initial trading, and getting in once the stock stabilises.
ETF Exposure: Some healthcare sector ETFs may include Medline once it lists.
Medline is targeting a filing in late 2025, possibly in October, with trading to begin later in the year.
Sources suggest Medline may raise around $5 billion in its IPO.
In 2025, PitchBook estimated that Medline's preliminary revenue reached $27–28 billion 2025, up from $25.5 billion in 2024.
It's significant because it may emerge as one of the largest U.S. IPOs of 2025, marking a high-profile exit for top private equity firms and providing the public markets with a major healthcare supply/infrastructure company to invest in.
In conclusion, Medline's proposed IPO is shaping up to be a marquee event as a potential $5 billion raise and a near $50 billion valuation that could make it the largest U.S. IPO in 2025.
Its scale, product breadth, institutional backing, and healthcare positioning give it serious upside potential. However, the risks are significant: timing, execution, valuation expectations, regulatory exposure, and the macro backdrop all matter.
For most investors, the wisest path is to tread carefully, study the S-1, and consider entering post-IPO after stabilisation.
Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
[4] https://pitchbook.com/news/reports/q2-2025-pitchbook-analyst-note-medtech-tariff-impact-roundup
