Medline (MDLN) IPO Price Prediction: Will MDLN Stock Explode Post IPO?

Last updated: 12/15/2025 09:20

On October 28, Medline Industries, a private equity-backed medical supply giant, filed to go public following a postponement earlier this year. This strategic move comes at a time when the new listings market is experiencing a significant resurgence following a period of nearly three years of sluggish activity.

Notably, the Illinois-based company recently has set the terms for an offering of 179 million shares on the Nasdaq exchange, at an indicative price of between $26 and $30 per share. If the offering is fully subscribed, it is expected to raise up to $5.37 billion. This would leave Medline with an approximate value of $55 billion. The IPO is scheduled to be priced on 16 December.

As the company prepares to list on the Nasdaq under the ticker symbol “MDLN,” traders and long-term investors alike are asking: What will Medline stock be worth? Is it a good investment for 2025? This article provides a comprehensive analysis of Medline’s business model, IPO details and market significance, as well as Medline IPO stock price predictions, thus helping investors decide whether investing in MDLN stock aligns with their strategic financial goals.

Table of Contents

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What is Medline Industries: A Quick Overview

Medline Industries, LP (“Medline”) is a U.S.-based privately held manufacturer and distributor of medical-surgical supplies, headquartered in Northfield, Illinois. The company manufactures and distributes medical products including wound dressings, surgical supplies and durable medical equipment.

Founded originally in 1966 by brothers Jim and Jon Mills (with roots stretching back to a garment business in 1910), Medline has grown into one of the largest privately held players in the medical-supply space, serving hospitals, clinics, home-care agencies and other care settings in more than 100 countries.

As the largest provider of medical-surgical products, Medline offers an extensive range of products, including surgical and procedural kits, gowns, gloves and protective apparel, as well as urological and incontinence care products, wound care products and consumable lab and diagnostics products. Its business model is centered on an extensive product catalogue (exceeding 335,000 items, including many Medline-branded products) and a vertically integrated supply chain/distribution network.

In 1972, Medline went public but was subsequently acquired by the Mills brothers and returned to a private status. In June 2021, a consortium of private-equity firms (Blackstone Group, The Carlyle Group and Hellman & Friedman) acquired the company in a transaction valued around US$34 billion, marking one of the largest leveraged buy-outs in the healthcare sector.

In the first half of 2025, Medline reported net sales of $13.53 billion, compared with $12.34 billion a year earlier. The company’s profit for the same period increased to $655 million, up from $587 million year on year.

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Medline IPO: A Full Review of Its IPO Journey

Medical supply company Medline is making its return to public markets after being private for many years: the company was public in the early 1970s (went public in 1972) and then taken private again in 1977.

Early in December 2024, medical supply company Medline filed confidentially for a listing in the US, but turbulent market conditions driven by tariffs forced it to push back its plans to go public.

On October 28, Medline filed its S-1 to go public—no terms—in a deal that’s already creating a stir on the Street. The move comes as improved public market valuations, a more favorable macro environment, and the persistent pressure on PE firms to exit mature assets have encouraged more GPs to take their portfolio companies public.

Medline is aiming to list on the Nasdaq and trade under the “MDLN” ticker symbol as early as Q2 2025. This could see the privately held company raise roughly $5 billion, which would result in a market value of about $50 billion.

The company plans to use the proceeds for debt repayment or other general corporate purposes, according to its S-1 filing. Proceeds from any additional share sales under the underwriters’ option will be used to redeem equity interests held by some of Medline’s pre-IPO owners—which include its financial sponsors and the Mills Family—at the IPO price.

The company recently has announced its plans to offer 179 million shares at $26 to $30 each. It has secured $2.35 billion in cornerstone investments from major global investors, including Baillie Gifford, Capital Group, Janus Henderson, GIC, Viking Global Investors, Durable Capital Partners and Morgan Stanley’s Counterpoint Global. Members of the Mills family, the founders of Medline, may acquire up to $250 million worth of shares in the IPO.

If priced at the top end of the range, Medline’s flotation would surpass all US listings this year and be one of the largest private equity realisations since HCA Healthcare’s offering in 2011. It would also surpass the $1.75 billion Venture Global IPO, which is currently the largest US listing of 2025.

The IPO is scheduled to price on December 16. Medline will trade on the Nasdaq Global Select Market under the symbol MDLN. Goldman Sachs, Morgan Stanley, Bank of America, and JPMorgan are leading a syndicate of more than 40 banks on the transaction.

For the nine months to 27 September, Medline reported net income of $977 million on revenue of $20.6 billion, up from $911 million on $18.7 billion a year earlier. The company anticipates tariff-related expenses totalling between $325m and $375m in fiscal year 2025 and an additional $150m to $200m in fiscal year 2026.

Following the IPO, Medline will undergo a corporate restructuring, forming a new holding company, Medline Inc., which will hold equity interests in Medline Holdings and its subsidiaries.

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What’s the Significance of Medline IPO?

Medline’s listing comes at a time when the US IPO market is attempting a broader revival following a sluggish year characterised by a prolonged government shutdown. Bankers expect private equity firms to drive a larger wave of flotations in 2026 and beyond, as sponsors return their portfolio companies to the public markets.

This deal is one of the largest US healthcare listings on record, rivalling previous offerings such as HCA Healthcare’s 2011 debut. HCA issued 126.2 million shares of common stock at $30 each.

Medline’s exit to the public markets is particularly significant for its private equity owners. In 2021, a consortium led by Blackstone, Carlyle, and Hellman & Friedman acquired the company in a leveraged buyout (LBO) valued at approximately $34 billion. This was the largest LBO deal since the global financial crisis of 2007–2009 and the fourth-largest LBO financing of all time.

“This investment from some of the world’s most experienced and successful private investment firms will enable us to accelerate that strategy while preserving the family-led culture that is core to our success,” Charlie Mills, CEO of Medline, said.

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Medline (MDLN) IPO Price Prediction

Medline has officially disclosed that it has set terms to offer 179 million shares on Nasdaq with an indicative price range of $26 to $30 per share. If the offering is fully subscribed, it is expected to raise up to $5.37 billion. This would leave Medline with an approximate value of $55 billion.

This price range reflects strong institutional demand and positions Medline IPO as one of the largest U.S. IPOs of 2025. Based on the proposed range, some market commentators predict that MDLN could open at or slightly above the top of the price band, with median estimates suggesting a listing debut near $30–$32, assuming that market appetite remains robust and general equities continue to rally.

Optimistic analysts argue that defensive healthcare supply exposures, combined with Medline’s stable revenue growth, could push MDLN stock price up to a maximum level of $35 on the first day of trading, assuming positive sentiment. Conversely, due to macro volatility and debt concerns flagged by some observers, MDLN stock may open closer to a lower level of $26 if there is a softening of the broader markets.

As for Medline’s longer-term outlook, a number of experts link the IPO’s valuation prospects to Medline’s implied enterprise value of approximately $48–$55.3 billion at the proposed price band. This could support a mid-to-long-term range of $32–$40 per share, provided that earnings growth and supply chain fundamentals remain intact.

Part of the institutional models take modest revenue growth into consideration (reflecting Medline’s consistent sales increases) and see valuation gains tied to multiple expansion absent recessionary pressures, though they also warn that healthcare supply firms rarely show explosive post-IPO market performance without clear acceleration catalysts.

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Should You Buy MDLN Stock After IPO?

Investing in MDLN stocks following its IPO necessitates a thorough evaluation of the potential benefits and risks associated with investing in the medical market. The company’s debut coincides with a favourable business climate, with improved public market valuations and a more favourable macro environment. This, coupled with the ongoing pressure on private equity firms to divest their mature assets, has encouraged more general partners to take their portfolio companies public.

As with any medical-focused listing, the stock’s trajectory in the months following its public offering will be largely determined by execution capability, regulatory clarity and market sentiment towards the medical market. . The key benefits and risks are outlined below:

Benefits to Consider	Risks to Weigh
Sector Defensiveness + Scale: Medline offers large-scale exposure in the medical-supply chain, a baseline sector that tends to be less cyclical than pure tech.	Valuation risk: The anticipated valuation is high for a business of its type; any growth miss may lead to sharp correction.
Institutional backing and maturity: The private-equity backing and scale of the business lend credibility ahead of its public debut.	Limited precedent: Large PE-owned companies sometimes face public-market scrutiny more visibly and may underperform initially.
Market-leading position: With a broad product catalogue and global reach, Medline has a platform for growth and strategic expansion.	Post-IPO volatility: Many new issues undergo early volatility; a “wait-and-see” approach may be prudent.

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Conclusion

Medline’s imminent IPO represents one of the most significant potential listings of 2025. The offering is expected to raise up to $5.37 billion if 179 million shares are fully subscribed . This will leave Medline with a value of approximately $55 billion. The initial public offering (IPO) is scheduled to be priced on December 16.

For investors, Medline offers an intriguing but speculative opportunity: the company’s strong business fundamentals—large product portfolio, global distribution, significant revenue base—provide a solid foundation. If all goes well, the MDLN stock could “explode.” However, the high valuation, execution demands, and market-timing risks mean that the path to stellar gains is not certain. In a subdued scenario, it may struggle to meet expectations.

As with any investment that bridges the gap between the crypto and public markets, thorough due diligence on treasury strategy, regulatory stance, and medical market health is essential before committing capital.

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