Medical product supplier Medline (MDLN.US) has submitted an IPO application, aiming to raise up to 5 billion U.S. dollars.

As a leading manufacturer and distributor of medical supplies, Medline (MDLN.US) submitted an application to the U.S. Securities and Exchange Commission (SEC) on Tuesday, with an expected initial public offering (IPO) fundraising target of up to $5 billion. If the transaction size reaches $50 billion, it will be the largest IPO since Rivian went public in 2021. Medline is a major distributor and manufacturer of medical and surgical products, offering about 335,000 products in total. The business is divided into two main segments. One is the "Medline Brand" segment, which includes products manufactured by the company and its own private label products; the other is the "Supply Chain Solutions" segment, responsible for distributing third-party medical supplies and providing logistics and procurement services to healthcare institutions. About one-third of the company's own brand products are manufactured in 33 production bases worldwide, while the rest are sourced from over 500 suppliers. Its distribution network includes 69 logistics facilities and over 2,000 trucks, able to serve approximately 95% of customers in the U.S. within one day. Medline partners with over 1,300 healthcare institutions through long-term supply agreements and continues to expand its business into areas such as laboratories, animal health, and international markets. Founded in 1966, the company is headquartered in Northfield, Illinois, USA, and generated revenue of $32.9 billion in the 12 months ending on June 28, 2025. The company plans to list on the NASDAQ under the ticker symbol MDLN. Medline submitted a confidential application on December 19, 2024. Goldman Sachs Group, Inc., Morgan Stanley, Bank of America Securities, and J.P. Morgan are the joint book-running managers for the transaction, and the company has not yet disclosed the pricing terms.