Shares of US medical supplies giant Medline surged in their Nasdaq debut on Wednesday.
The stock opened at $35, above the $29 IPO price, and closed at $41, marking a 41% gain and giving the company a market capitalization of roughly $54 billion.
Medline sold just over 216 million shares in the offering, raising $6.26 billion, the largest global IPO of the year.
Shares will trade under the symbol MDLN, reflecting the company’s long-awaited public market debut.
CEO Highlights Company Growth
“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,” Medline CEO Jim Boyle told CNBC.
“We are the largest company you’ve never heard of, and we happen to be everywhere. And that’s a really interesting thing,” Boyle added.
The IPO marks the largest US listing since Rivian’s $13.7 billion offering in November 2021 and is one of the biggest private equity-backed deals in recent years.
Three private equity firms—Blackstone, Carlyle, and Hellman & Friedman—acquired a majority stake in Medline in 2021 for $34 billion, the largest leveraged buyout since the financial crisis.
Company Overview and Financials
Founded in 1966 and based in Northfield, Illinois, Medline manufactures and distributes approximately 335,000 medical and surgical products.
These range from gloves and masks to wheelchairs, with customers in over 100 countries.
As of the end of 2024, Medline employed more than 43,000 people worldwide.
The company reported $25.5 billion in net sales for 2024, with total debt of $16.8 billion as of September 2025.
Medline had delayed earlier IPO plans due to potential tariffs on products sourced from Asia, which could impact fiscal 2026 earnings by $150 million to $200 million.
Medline’s successful debut highlights strong investor demand for healthcare and medical supply companies amid a stable US IPO environment.