Medical supply firm Medline Industries, a rival to pharma giant Johnson & Johnson (JNJ), on Tuesday raised $6.3 billion in its initial public offering (IPO), according to The Financial Times. The company beat its own forecasts and vaulted to the top of the 2025 IPO rankings with its $29‑per‑share sale.
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Medline manufactures and distributes branded and non-proprietary medical products, such as surgical kits, gloves, protective apparel, and advanced wound care items. The company, which is backed by private equity firms Blackstone (BX), Carlyle (CG), and Hellman & Friedman, anticipated $5.4 billion from the IPO but raised more.
Medline Uses ‘Greenshoe’ to Top IPO Raise
The boost in Medline’s IPO outing was aided by strong investor demand and the issuance of an additional $900 million in shares. This was made possible thanks to the “greenshoe” overallotment option that made it possible to sell extra shares on top of the offering’s base size.
Medline’s performance exceeds Chinese battery maker Contemporary Amperex Technology’s (CTATF) public debut raise of $5.3 billion in May. It also beats several other closely watched IPOs seen this year, including design software platform Figma’s (FIG) $2.4 billion, crypto exchange Bullish’s (BLSH) $2.1 billion, and buy now, pay later provider Klarna’s (KLAR) $1.9 billion IPO raises.
Medline Overcomes Investors’ Tariffs Concerns
The aforementioned private equity firms acquired Medline in 2021 in a $34 billion deal, putting forward a collective $17 billion equity investment. The medical supply and logistics company initially planned to go public during the second quarter of this year, aiming to raise about $5 billion.
However, the firm halted the move as President Donald Trump’s tariff regime rendered financial markets volatile. Yet, Medline’s chart-topping rise suggests that investors see the medical supply company as less exposed to policy changes compared to other firms in the healthcare sector.
This is even as companies such as Figma suffered price crashes following their public debut earlier in the year.
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