Medline’s $6.3bn IPO becomes 2025’s biggest and signals a reopening IPO window

Opening

Today’s story is a big one for markets: medical supplies giant Medline has priced an upsized IPO at $29 and raised about $6.26bn–$6.3bn, set to trade on Nasdaq as $MDLN. It’s the biggest IPO of 2025 and one of the largest US listings in years, with proceeds aimed largely at reducing debt.

What happened and why it matters

Medline is a massive medical-surgical products supplier with deep distribution and logistics reach across healthcare. The IPO size and pricing suggest investors are willing to fund large, private equity-backed exits again, even after periods of volatility. That matters because a reopening IPO window can change sector leadership: it boosts “toll collectors” in capital markets, helps private equity monetise asset ...