Medline Industries has raised US$6.3 billion in the world’s largest initial public offering of the year, marking a major milestone for equity markets and underscoring renewed investor appetite for large-scale listings.
The U.S.-based medical supplies and healthcare services company priced its IPO above initial expectations, after earlier indications suggested it was targeting about US$5.37 billion. Strong institutional demand during the book-building process allowed Medline to expand the size of the offering, pushing the final proceeds to US$6.3 billion.
The listing represents a significant liquidity event for Medline’s private equity backers, including Blackstone, Carlyle and Hellman & Friedman, while still leaving the founding Mills family with a substantial ownership stake. Medline, which has remained privately held for decades, is one of the largest manufacturers and distributors of medical products globally, supplying hospitals, clinics and healthcare providers across more than 100 countries.
Market analysts say the success of the IPO reflects confidence in Medline’s scale, diversified product portfolio and relatively defensive position within the healthcare sector. Demand for medical consumables, logistics services and hospital equipment has remained resilient despite broader economic uncertainty, making healthcare firms attractive to investors seeking stability.
The flotation also comes at a time when IPO markets have shown signs of reopening after a prolonged slowdown driven by high interest rates and market volatility. Medline’s blockbuster debut is being viewed as a potential bellwether for other large private companies considering public listings in 2026.
Company executives said proceeds from the IPO will be used to strengthen the balance sheet, reduce debt, and support long-term growth initiatives, including technology investments, supply chain expansion and selective acquisitions. Medline has also been investing heavily in automation and data-driven logistics to improve efficiency across its global operations.
Shares began trading amid strong interest, with investors closely watching post-listing performance as a test of whether large-cap IPOs can sustain momentum in current market conditions. If Medline’s debut holds, analysts believe it could pave the way for a broader revival of the IPO pipeline, particularly in healthcare and industrial services.
