PE-Backed Medline Files for IPO

Medline Industries, a private-equity-backed medical supply giant, has filed to go public on the Nasdaq, following a postponement earlier this year. The move comes as improved public market valuations, a more favorable macro environment, and the persistent pressure on PE firms to exit mature assets have encouraged more GPs to take their portfolio companies public.

Following this IPO, Medline will undergo a reorganization, forming a new holding company, Medline Inc., which will hold equity interests in Medline Holdings and its subsidiaries.

In its S-1 filing, Medline disclosed that it generated $655 million in net income for the six months ending June 28, up roughly 12% from a year ago. Net sales rose around 10% to $13.5 billion from $12.3 billion in the previous year.

The company plans to use the proceeds for debt repayment or other general corporate purposes, according to the filing. Proceeds from any additional share sales under the underwriters’ option will be used to redeem equity interests held by some of Medline’s pre-IPO owners—which include its financial sponsors and the Mills family—at the IPO price.

Medline counts Blackstone, the Carlyle Group, and Hellman & Friedman as its financial sponsors. The trio took the company private in 2021 in a deal that valued it at about $34 billion. The Illinois-based company manufactures and distributes medical products, including wound dressings, surgical supplies, and durable medical equipment.

Medline plans to list its shares on the Nasdaq Global Select Market under the symbol “MDLN.” Goldman Sachs, Morgan Stanley, BofA Securities, and JP Morgan are acting as the joint bookrunners for the offering. The company filed confidentially for a listing in the United States in December, but turbulent market conditions driven by tariffs forced it to push back these plans.

Bloomberg reported last month that the company was eyeing an IPO that could raise about $5 billion. In comparison, Venture Global raised $1.75 billion through its IPO in January. According to PitchBook data, this was the largest sponsor-backed IPO in the US so far this year.

PE firms have accelerated their exits in the medical supplies space this year. The sector registered 12 exits in the first 10 months of 2025, totaling $3.09 billion, according to PitchBook data. That compares with 14 deals worth $0.75 billion in all of 2024. Despite the uptick in exits, the industry still has a backlog of PE assets waiting for new homes, given the record dealmaking pace in 2021.