Medical equipment manufacturer Medline is weighing a $5bn initial public offering (IPO) for October that could see the company go public by November.
Sources familiar with the matter told Bloomberg the IPO could value Medline by as much as $50bn.
Banks tapped to assist with the IPO include JPMorgan Chase and Bank of America, according to the report, with sources stating that deliberations remain “ongoing” and that details of the listing could change.
Medline has a global headcount of around 43,000 employees and generated net revenues of over $25bn in 2024, according to its website. While the Illinois-headquartered company announced the submission of a confidential draft registration for an IPO with the US Securities and Exchange Commission (SEC) in December 2024, concrete details around its plans remain murky. At the time, the announcement said the number of shares to be offered and the price range for IPO had not yet been determined, with no further details available to date.
Medical Device Network has reached out to Medline for further information about the purported IPO plans.
Medline is backed by a private equity syndicate comprising Blackstone, Carlyle, Hellman & Friedman, and Singapore’s sovereign wealth fund, GIG. The entities united for one of the largest leveraged buyouts in history, acquiring the company from the Mills family in 2021 at a value of around $34bn.
Should the IPO go ahead and hit its reported target valuation, it would become the biggest medtech IPO of 2025 by some margin, marking a shift from the year’s primary trend of artificial intelligence (AI)-driven medtechs going public.
In August, AI-based coronary artery disease (CAD) platform developer HeartFlow debuted on the Nasdaq stock exchange with a $364m IPO, exceeding its $300m forecast and resulting in a $2.2bn valuation.
Notable AI medtech IPOs in the first half of 2025 have included 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 a AI-based defibrillation therapy system, with a $235m IPO on the Nasdaq Global Select Market in March.
