Medline Soars in Nasdaq Debut, Marking Year’s Largest IPO
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A strong debut for medical supplies giant Medline on the Nasdaq on Wednesday signaled renewed optimism in the initial public offering (IPO) market, closing up more than 41% at $41 a share. The company’s stock opened at $35, a significant jump from its $29 IPO price, bringing Medline’s market capitalization to approximately $54 billion.
Medline, a privately held company until recently, sold over 216 million shares on Tuesday, raising $6.26 billion in an upsized offering. This successful listing caps a robust year for new listings and fuels expectations for continued growth in the IPO landscape throughout 2026. Shares of Medline are trading under the ticker symbol MDLN.
“Historically, we’ve done very little advertising, very little marketing, and this gives us a way to amplify our voice and actually expand really the receptivity of who we are,” the company’s CEO, Jim Boyle, told CNBC’s “Squawk Box” earlier Wednesday. “We are the largest company you’ve never heard of, and we happen to be everywhere. And that’s a really interesting thing.”
The U.S. IPO market has demonstrated resilience despite facing headwinds throughout the year, including market volatility spurred by tariffs and the longest U.S. government shutdown in history. According to data compiled by CNBC, just over 200 IPOs have been priced this year, with Medline representing the largest U.S. listing since Rivian’s $13.7 billion deal in November 2021.
This IPO also ranks among the largest to be backed by private equity firms. In 2021, Blackstone, Carlyle, and Hellman & Friedman acquired a majority stake in Medline for $34 billion in what was, at the time, the biggest leveraged buyout since the financial crisis.
A Legacy of Growth and Expansion
Founded in 1966 and headquartered in Northfield, Illinois, Medline has quietly become a dominant force in the healthcare industry. The company manufactures and distributes approximately 335,000 different medical and surgical supplies, ranging from essential items like gloves, masks, and scalpels to more complex equipment such as wheelchairs.
As of the end of 2024, Medline serves customers in over 100 countries and employs more than 43,000 people worldwide. The company reported $25.5 billion in net sales for 2024, despite carrying a total debt of around $16.8 billion as of late September 2025.
Tariffs and Future Outlook
Medline’s path to going public wasn’t without its challenges. Initial plans for an IPO earlier this year were delayed due to uncertainty surrounding tariffs impacting products sourced from Asia. A significant portion of Medline’s products are either sourced or manufactured in Asian nations, particularly China.
The company anticipates a $150 million to $200 million reduction in income before taxes in fiscal 2026 due to the impact of these tariffs. Medline competes directly with established industry leaders such as McKesson and Cardinal Health.
The successful IPO of Medline signals a positive shift in investor sentiment and underscores the continued demand for healthcare-related investments.
