Medline seeks $5.37bn in largest healthcare IPO of 2025

Medline has filed for an archetypal nationalist offering (IPO) seeking to rise up to $5.37bn, a fig that would permission the aesculapian supplies elephantine with a valuation astir $55bn and beryllium amongst the largest nationalist listings successful the US successful 2025.

In a Form S-1 filed with the US Securities and Exchange Commission (SEC) connected 8 December, Medline revealed that it has applied to database 179 cardinal shares astatine an anticipated outgo betwixt $26 and $30 each connected the Nasdaq Global Select Market nether the ticker awesome “MDLN”.

Medical-surgical merchandise supplier Medline has a planetary headcount of astir 43,000 employees and generated nett revenues of much than $25bn successful 2024, according to its website. In the 9 months ended 27 September 2025, the institution reportedly generated nett income of $20.6bn.

Regarding its full addressable market, Medline outlined successful its SEC filing that it expects the fig to beryllium astir $375bn annually, with the US representing $175bn of this opportunity.

The institution said: “We expect our marketplace accidental successful the US volition turn implicit the long-term, driven by secular tailwinds, including an ageing colonisation and the increasing prevalence of chronic conditions, which are expected to thrust elevated volumes and accrued wellness expenditures implicit the agelong term.”

Outlining its aboriginal ambitions, Medline highlighted successful the Form S-1 that it would proceed to prosecute nett income maturation done a operation of factors specified arsenic planetary enlargement and an ongoing innovation drive.

Should Medline deed its people valuation, it volition go the biggest medtech and broader healthcare abstraction IPO of 2025 by a wide margin, marking a displacement from the year’s superior inclination of AI-driven medtechs going public.

Notable AI medtechs that went nationalist successful 2025 see artificial pancreas shaper Beta Bionics, which uses AI algorithms for its decisioning protocols, with a $204m rise successful a Nasdaq listing successful January, and Kestra, the developer of an AI-based defibrillation therapy system, with a $235m IPO connected the Nasdaq Global Select Market successful March.

The biggest AI-related IPO, however, was completed by AI-based coronary artery illness (CAD) level developer HeartFlow. The institution debuted connected the Nasdaq banal speech with a $364m IPO, exceeding its $300m forecast and resulting successful a $2.2bn valuation.

Reports antecedently emerged that Medline was intending to motorboat its IPO successful October. However, the US Government shutdown apt enactment paid to this archetypal timeline. However, molecular diagnostics institution BillionToOne pressed up with its IPO during the tumult, selling astir 4.5 cardinal shares of its communal banal to gives it a marketplace valuation of astir $2.6bn.