This year, the largest IPO in the United States was born! Medline (MDLN.US) will debut on Nasdaq tonight, raising $6.26 billion.

This year, the largest IPO in the United States was born - Medline Inc. (MDLN.US) raised 6.26 billion dollars. After the IPO issuance scale was adjusted, the final price was locked in at the high end of the price range, issuing 216 million shares at $29 per share. The enlarged issuance plan officially landed on the Nasdaq Stock Exchange on the evening of December 17, 2025, with the stock code "MDLN". Based on the number of shares submitted to the US Securities and Exchange Commission (SEC), the company's market value corresponding to this pricing is approximately $39 billion. It is understood that Medline's current shareholder lineup includes major private equity giants Blackstone Inc., Carlyle Group Inc., and Hellman & Friedman. Going back to 2021, these three institutions jointly acquired the majority of Medline's equity for $34 billion, making it one of the largest leveraged buyouts in history. In addition, Medline has received commitments from cornerstone investors totaling up to $23.5 billion, including globally renowned investment institutions such as Baillie Gifford, Capital Group, Morgan Stanley's Counterpoint Global, Durable Capital Partners, as well as Singapore's sovereign wealth fund GIC, Janus Henderson Investors, Viking Global Investors, and WCM Investment Management. It is worth mentioning that this IPO raised more funds than the largest global new stock this year - Contemporary Amperex Technology, a Chinese battery manufacturer, which raised $5.26 billion in its listing in Hong Kong, and also exceeded Venture Global, which raised $17.5 billion in the United States in January, making it the largest new stock in the United States in 2025. This transaction is also the largest majority equity IPO ever implemented by a private equity holding company, surpassing the $5.1 billion listing size of Lineage Inc (which is primarily funded by Bay Grove Capital) last year. Wall Street expects private equity firms to drive more businesses to go public in bulk next year. According to data, in the past decade, only five companies have raised more than $5 billion in IPOs in the United States, with Medline ranking at $6.26 billion. The other four are Uber Technologies, Inc. (UBER.US), Lineage (LINE.US), Rivian Automotive (RIVN.US), and Arm Holdings (ARM.US). It was reported that Medline's IPO pricing range was $26-$30 per share, expecting to issue 179 million shares of Class A common stock and raise approximately $4.6-$5.4 billion (subject to over-allotment), with a total estimated valuation of around $50 billion. Medline secretly submitted its listing documents to the SEC at the end of last year, but uncertainties surrounding tariffs delayed their original plan to go public in the first half of 2025; the second half of the year's federal government shutdown further disrupted preparations, leading the company to publicly submit its application during the shutdown (which ended on November 12). Data shows that the total amount raised through initial public offerings (excluding blank check companies) in the United States this year exceeded $46 billion; even when including Medline, the total for the year still falls slightly below the pre-pandemic annual average of nearly $50 billion. Medline was founded by brothers Jon and Jim Mills in 1966. After the acquisition, the Mills family remains the largest individual shareholder of the company, with 17.8% of voting rights post-IPO; Blackstone, Carlyle Group Inc, and Hellman & Friedman will each hold 18% of voting rights after the transaction is completed. Documents show that Mills family members and their affiliates have expressed interest in purchasing up to $250 million worth of stock in the IPO. Since the private equity acquisition, the company has undergone management transitions, with 28-year internal veteran Jim Boyle taking over as CEO, becoming the first non-Mills family member to hold the position. In 2024, Medline acquired the surgical solutions business of Ecolab Inc. for approximately $905 million and has invested $1.6 billion in capital expenditures over the past five years in its distribution network. Medline manufactures and distributes medical supplies for hospitals and doctors, including gloves, surgical gowns, exam tables, and more. The company currently offers approximately 335,000 medical surgical products, with a supply chain that can reach 95% of US customers the next day. The company has over 43,000 employees worldwide. For the nine months ending on September 27, the company had revenue of $20.6 billion and a net profit of $977 million; in the same period last year, revenue was $18.7 billion and net profit was $911 million. Goldman Sachs Group, Inc., Morgan Stanley, Bank of America Corp, and JPMorgan served as the lead underwriters for this issuance, with 21 joint book-runners and 21 co-managers.