Medline (MDLN) made a powerful entrance onto the Nasdaq on Wednesday, soaring more than 38% on its first day as a public company. The medical‑supply giant opened at $35, well above its $29 IPO price, making it one of the most talked-about IPOs of the year.
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It is worth noting that the company raised $6.26 billion in its offering, selling just over 216 million shares. This makes it the largest U.S. IPO since Rivian (RIVN) in 2021 and the biggest global IPO of 2025.
Medline supplies more than 330,000 medical products worldwide and reported nearly $21 billion in revenue in the first nine months of the year, with profits also rising from a year earlier. Importantly, it plans to use the majority of the net proceeds to repay outstanding debt.
CEO Jim Boyle said the IPO will help the company expand its brand presence, calling Medline “the largest company you’ve never heard of” and noting its plans to expand further across the healthcare supply chain.
The offering also marks a milestone for its private‑equity backers, including Blackstone (BX), Carlyle (CG), and Hellman & Friedman, who acquired a majority stake in 2021 in one of the largest leveraged buyouts since the financial crisis.
What Does This Mean for Investors in 2026?
In 2025, the IPO market witnessed a strong rebound in activity and capital raised, a significant improvement over the prior two years. Particularly, technology, healthcare, and artificial intelligence (AI)-driven companies have attracted significant interest and premium valuations.
Also, with major names like SpaceX (PC:SPXEX), OpenAI (PC:OPAIQ), Databricks (PC:DTBRK), and Anthropic (PC:ANTPQ) rumored to be exploring listings next year, Wall Street is already looking to 2026 as a potentially key year for IPOs.
Overall, Medline’s strong debut has fueled optimism that the IPO market could accelerate further heading into 2026. The company’s surge on opening day shows that markets are willing to reward companies with strong fundamentals, clear paths to profitability, and resilient business models.