Medline Industries Inc, a Northfield, Illinois-based medical supplies company, saw its shares jump 20% in a blockbuster initial public offering on Wednesday, marking one of the largest healthcare IPOs in recent years.
The company priced 216 million shares at $29 each, the top of its marketed range, raising significant capital from investors including private equity backers Blackstone Group and Carlyle Group, which had invested $34 billion in Medline in 2021.
Nasdaq-listed shares opened at $35 and rose toward $36 in early trading, reflecting strong investor demand in a market hungry for large-scale listings. The upsized offering by the private equity-owned medical supply group has been closely followed as a barometer of appetite for new IPOs, especially in the healthcare sector.
Medline, which generated $25.5 billion in sales in 2024, supplies hospitals and clinics with more than 335,000 products across 33 factories worldwide, offering next-day delivery to most US customers.