The largest US stock IPO of the year may be born! Medical giant Medline reportedly planning to submit documents as early as October, aiming to raise $5 billion.

According to informed sources, medical supplies manufacturer Medline is considering submitting its initial public offering (IPO) application as early as the end of October. If successful, this listing is expected to be the largest IPO transaction in the United States this year. The sources state that Medline's IPO is expected to raise approximately $5 billion, with backing from investors including Blackstone Inc., Carlyle Group Inc., and Hellman & Friedman. The Illinois-based company had previously stated in a December announcement last year that it had submitted its IPO filing confidentially; if the application is formally submitted in October, the company could potentially be listed as early as November. Another source indicated that Goldman Sachs and Morgan Stanley are the lead underwriters for the IPO, with Medline's valuation potentially reaching as high as $50 billion. Bloomberg News had previously reported that Medline's shareholders had also selected J.P. Morgan and Bank of America to participate in the underwriting efforts. As the information has not been made public, the sources requested anonymity and emphasized that negotiations are still ongoing, so IPO details may change. A spokesperson for Blackstone declined to comment, while representatives for Medline, Carlyle Group, and Hellman & Friedman did not immediately respond to requests for comment. According to Bloomberg data, the current U.S. stock benchmark index is nearing record highs, with market volatility at a low. So far this year, U.S. IPOs (excluding financial instruments like SPACs) have raised $32 billion, slightly below the average level during the same period in the past ten years when there was a short-term IPO boom due to the pandemic, but already surpassing the total fundraising in all of 2024. If Medline raises $5 billion in this offering, it would easily surpass the $1.75 billion IPO size of Venture Global in January, becoming the largest IPO in U.S. stocks this year. According to the official website, Medline primarily produces medical supplies for hospitals and healthcare facilities, including gloves, surgical gowns, examination tables, and more. The company currently has over 43,000 employees globally and had net sales of approximately $25.5 billion in 2024. It is worth noting that the $34 billion leveraged buyout of Medline initiated by Blackstone, Carlyle, and other private equity firms in 2021 was one of the largest private equity deals in history.