Medline has filed for an initial public offering (IPO) seeking to raise up to $5.37bn, a figure that would leave the medical supplies giant with a valuation around $55bn and be amongst the largest public listings in the US in 2025.
In a Form S-1 filed with the US Securities and Exchange Commission (SEC) on 8 December, Medline revealed that it has applied to list 179 million shares at an anticipated cost between $26 and $30 each on the Nasdaq Global Select Market under the ticker symbol “MDLN”.
Medical-surgical product supplier Medline has a global headcount of around 43,000 employees and generated net revenues of more than $25bn in 2024, according to its website. In the nine months ended 27 September 2025, the company reportedly generated net sales of $20.6bn.
Regarding its total addressable market, Medline outlined in its SEC filing that it expects the figure to be around $375bn annually, with the US representing $175bn of this opportunity.
The company said: “We expect our market opportunity in the US will grow over the long-term, driven by secular tailwinds, including an ageing population and the growing prevalence of chronic conditions, which are expected to drive elevated volumes and increased health expenditures over the long term.”
Outlining its future ambitions, Medline highlighted in the Form S-1 that it would continue to pursue net sales growth through a combination of factors such as international expansion and an ongoing innovation drive.
Should Medline hit its target valuation, it will become the biggest medtech and broader healthcare space IPO of 2025 by a wide margin, marking a shift from the year’s primary trend of AI-driven medtechs going public.
Notable AI medtechs that went public in 2025 include artificial pancreas maker Beta Bionics, which uses AI algorithms for its decisioning protocols, with a $204m raise in a Nasdaq listing in January, and Kestra, the developer of an AI-based defibrillation therapy system, with a $235m IPO on the Nasdaq Global Select Market in March.
The biggest AI-related IPO, however, was completed by AI-based coronary artery disease (CAD) platform developer HeartFlow. The company debuted on the Nasdaq stock exchange with a $364m IPO, exceeding its $300m forecast and resulting in a $2.2bn valuation.
Reports previously emerged that Medline was intending to launch its IPO in October. However, the US Government shutdown likely put paid to this initial timeline. However, molecular diagnostics company BillionToOne pressed ahead with its IPO during the tumult, selling around 4.5 million shares of its common stock to gives it a market valuation of around $2.6bn.
