Medline shares jump 21% in $6.3B IPO, marking largest U.S. listing since 2021

New York, NY, December 17, 2025 (Reuters) -- Medline shares surged 20.7% in their New York debut after the medical supplies company raised $6.26 billion in an upsized initial public offering, valuing the business at roughly $46 billion and making it the largest U.S. IPO since Rivian’s 2021 listing. Backed by Blackstone, Carlyle and Hellman & Friedman, Medline sold 216 million shares at $29 each, cementing the biggest private-equity-backed IPO on record and the largest global offering of 2025. Investors were drawn to the company’s profitable, cash-generative model and resilient demand for essential medical products, reinforcing optimism for a stronger IPO market heading into 2026.

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