Medline Inc. Completes IPO and Implements Governance Changes

The latest update is out from Medline, Inc. Class A ( (MDLN) ).

On December 16, 2025, Medline Inc. put in place a suite of governance and investor-rights agreements tied to its initial public offering, including an amended and restated limited partnership agreement for Medline Holdings, a tax receivable agreement, an exchange agreement, registration rights and director nomination arrangements with affiliates of Blackstone, Carlyle, Hellman & Friedman and the Mills Family, as well as an information and access agreement with Hux Investment Pte. Ltd., formalizing the rights and ongoing influence of its private equity backers and other pre-IPO owners. Effective the same date, the company also appointed Todd M. Bluedorn to its board and audit committee with a restricted stock unit grant vesting in 2027, adopted a 2025 Omnibus Incentive Plan and a 2025 Employee Stock Purchase Plan to align director, executive and employee compensation with shareholder interests, and brought into force an amended and restated charter and bylaws that authorize up to 50 billion shares each of Class A and Class B common stock and 5 billion shares of preferred stock, providing significant capital-raising and structural flexibility. On December 18, 2025, Medline completed its IPO of 248,439,654 Class A shares at $29 per share net of underwriting discounts, using roughly $5.1 billion in proceeds to acquire corresponding Common Units of Medline Holdings and facilitate deleveraging by repaying in full its New Euro Term Loan Facility and a substantial portion of its 2028 Refinancing Term Loan Facility, while additional proceeds of about $2.0 billion were used to purchase or redeem shares and units from certain pre-IPO owners, collectively reducing leverage, reshaping the capitalization and partially monetizing legacy investors’ stakes.

More about Medline, Inc. Class A

Medline Inc. is a newly public company whose Class A common stock has been listed following an initial public offering completed in December 2025. The company operates through Medline Holdings, LP and maintains a dual-class share structure with authorized Class A, Class B and preferred stock, and counts major private equity sponsors Blackstone, Carlyle, Hellman & Friedman and the Mills Family among its key affiliated stakeholders, reflecting a sponsor-backed governance and ownership framework.

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