Medical supplies powerhouse Medline Industries Inc. has officially filed for an initial public offering (IPO), signaling its return to the public market four years after a $30 billion private equity buyout by Blackstone, Carlyle Group, and Hellman & Friedman.
The long-anticipated filing — prepared with Simpson Thacher & Bartlett LLP as company counsel and Latham & Watkins LLP advising underwriters — could become one of the largest public offerings in recent years, potentially raising as much as $5 billion, according to research firm Renaissance Capital.
Medline’s Comeback: From Private Equity Giant to Market Titan
Founded in 1966 and headquartered in Northfield, Illinois, Medline has grown into the largest provider of medical-surgical products in the U.S., with a catalog of over 335,000 items ranging from surgical kits to protective apparel.
In its Tuesday filing with the U.S. Securities and Exchange Commission, Medline reported $13.5 billion in net sales and $700 million in net income in the first half of this year. The company said it has maintained 18% compound annual growth since its inception — a rare feat in a sector often defined by narrow margins and heavy competition.
After confidentially submitting IPO paperwork late last year, Medline delayed going public amid market turbulence and tariff-related uncertainty. Now, with renewed momentum — and despite a government shutdown that has slowed SEC operations — the company joins a wave of corporations testing Wall Street’s resilience.
