Medline is set to debut on Nasdaq after raising $6.26 billion, marking the largest global IPO of 2025 and one of the biggest private-equity-backed listings on record.
Backed by Blackstone, Carlyle, and Hellman & Friedman, the U.S. medical supplies giant priced 216 million shares at $29, above the midpoint of its range — a clear vote of confidence from investors.
What stands out:
- A profitable, cash-generative business with uninterrupted sales growth since 1966
- Resilience through economic cycles, including COVID-19
- Strong demand despite macro headwinds and tariff uncertainty
Medline’s successful debut reinforces a key market shift:
👉 Investors are rewarding scale, profitability, and predictability — not just growth narratives.
With companies like SpaceX, Anthropic, and potentially OpenAI lining up for 2026, Medline may prove to be a catalyst for a stronger IPO pipeline next year, especially for sponsor-backed businesses under pressure to return capital.
Public markets are open again — but only for quality.