Medical supplies company Medline’s shares soared 41% in their Nasdaq debut, after the largest initial public offering of 2025.
Medline (NASDAQ: MDLN) closed trading at US$41.25, above its public offering price of $29.00. It said it had sold more than 216 million shares, raising around $6.26 billion.
“Historically, we’ve done very little advertising, very little marketing, and this gives us a way to amplify our voice and actually expand really the receptivity of who we are,” Medline CEO Jim Boyle told CNBC.
Medline is among the world’s largest manufacturers of medical supplies, including surgical gloves and other personal protective equipment.
It had initially expected to raise $5.4 billion, the Financial Times reported, before upsizing its share sale. The company’s lead bookrunners for the offering were Goldman Sachs, Morgan Stanley, BofA Securities, and JPMorgan.
Medline first went public in 1972, but was taken private again soon after. It was purchased by a group of private equity firms, including Blackstone and Carlyle, in 2021.
It posted $977 million in net income in the nine months to 27 September, rising from $911 million the previous year.
This is the largest United States IPO in over four years. Chinese battery company CATL was previously the largest IPO of 2025 globally, having raised $5.3 billion when listing in Hong Kong in May.
While U.S. IPO activity faltered in October and November during the 43-day government shutdown, the IPO market in 2025 has still outpaced 2024. Both the number of U.S. IPOs and the total proceeds raised this year exceeded 2024’s levels by 2025’s third quarter.
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