Medline raises more than $6bn in biggest IPO of 2025
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IPOsAdd to myFTGet instant alerts for this topicManage your delivery channels hereRemove from myFTMedline raises more than $6bn in biggest IPO of 2025 Upsized deal was closely watched as a sign of investor appetite for new listingsThe offering has been closely watched on Wall Street as a gauge of the health of the $4tn private equity industry © BloombergMedline raises more than $6bn in biggest IPO of 2025 on x (opens in a new window)Medline raises more than $6bn in biggest IPO of 2025 on facebook (opens in a new window)Medline raises more than $6bn in biggest IPO of 2025 on linkedin (opens in a new window)Medline raises more than $6bn in biggest IPO of 2025 on whatsapp (opens in a new window) Save Medline raises more than $6bn in biggest IPO of 2025 on x (opens in a new window)Medline raises more than $6bn in biggest IPO of 2025 on facebook (opens in a new window)Medline raises more than $6bn in biggest IPO of 2025 on linkedin (opens in a new window)Medline raises more than $6bn in biggest IPO of 2025 on whatsapp (opens in a new window) Save George Steer, Oliver Barnes and Antoine Gara in New YorkPublishedDecember 16 2025UpdatedDecember 16 2025Jump to comments sectionPrint this pageUnlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Private equity-owned medical supply group Medline Industries raised $6.3bn in an upsized share sale on Tuesday, drawing robust investor interest in the biggest IPO of 2025. The group floated its shares at $29 each, towards the top end of its expected range, bringing the deal value above the $5.4bn it was initially anticipating, according to people familiar with the plans. Underwriters have an option known as a “greenshoe” which would allow them to sell investors an additional $900mn in the fundraising.The listing eclipses the $5.3bn raised by Chinese battery maker Contemporary Amperex Technology Co, better known as CATL, in May. Medline’s deal will rank as one of the biggest private equity-backed IPOs of all time. Its shares will begin trading on the Nasdaq under the ticker MDLN on Wednesday.The offering has been closely watched on Wall Street as a gauge of the health of the $4tn private equity industry and whether businesses affected by US President Donald Trump’s tariffs attract investor interest on Wall Street.Medline’s products are made in tariff-hit regions such as Asia, but its leading position as a supplier of branded medical equipment such as surgical gloves and wheelchairs has appealed to investors, who like its growth prospects and see the business as insulated from changes in the broader economy.Blackstone, Carlyle and Hellman & Friedman’s $34bn acquisition of a majority stake in Medline in 2021 was at the time the biggest leveraged buyout since the financial crisis.But PE firms have in recent years struggled to sell assets and return cash to their investors, making Medline’s long-awaited IPO a significant test of whether the industry can successfully reap profits from its biggest deals. The company, which sells hundreds of thousands of medical supplies used by large hospitals, had planned to go public early in 2025 but delayed those plans after Trump’s tariffs triggered waves of volatility across global financial markets. Many of Medline’s medical products are sourced or manufactured in China and other tariff-affected countries, including Vietnam, Japan and Mexico.The IPO market’s revival in recent months following a multiyear downturn in new listing activity has provided the trio of PE groups with a chance to begin realising cash from their investments for large gains.The groups would have roughly doubled their combined $17bn equity investment if Medline’s shares price at the midpoint of their marketed range, said a person briefed on the matter. However, they will not be selling stock as part of the IPO, which will raise billions in cash for Medline to cut its nearly $17bn debt pile. Founded in 1966, Medline reported $977mn in net income on $20.6bn in revenue over the nine months to September 27, up from $911mn on $18.7bn a year earlier. Many of the biggest companies to go public in the US this year have struggled after listing. Design software maker Figma surged on its market debut in July, when it was valued at about $60bn. Its shares have since fallen almost 70 per cent. Additional reporting by Eric Platt in New YorkReuse this content (opens in new window) CommentsJump to comments sectionPromoted Content Follow the topics in this article US companies Add to myFT IPOs Add to myFT Private equity Add to myFT Health sector Add to myFT Medline Industries Add to myFT Comments