Medline Raises More Than $7 Billion in Record Healthcare and Private Equity‑Backed IPO

Simpson Thacher represented client Medline Inc. in its initial public offering that raised total gross proceeds of more than $7 billion. The offering sold a total of 248,439,654 shares of Class A common stock, including the full exercise by the underwriters of their option to purchase additional shares, at a price to the public of $29 per share. The Class A common stock began trading on the Nasdaq Global Select Market under the ticker symbol MDLN on December 17, 2025. The transaction constitutes the largest healthcare IPO in history, the largest IPO of 2025 and the largest private equity–backed IPO ever. Medline Inc. is the largest provider of medical‑surgical products and supply chain solutions serving all points of care, based on total net sales of products. Medline supplies mission‑critical products used daily across care settings—from hospitals and surgery centers to physician offices and post‑acute facilities. Through its two segments, Medline Brand and Supply Chain Solutions, the company offers approximately 335,000 products, including surgical and procedural kits, gloves and protective apparel, urological and incontinence care, wound care, and consumable lab and diagnostics products. Simpson Thacher represented client Medline Inc. with a team composed by: Josh Bonnie, Jonathan Ozner, Katharine Thompson, Evan Hunt, Samantha Sergent, Kelsey Henderson, and Noor Irshaidat (Capital Markets); Jonathan Goldstein, Sophie Staples, Matthew Lester, and Jiha Min (Tax); Gregory Grogan, Gary Tashjian, Guanxiong Xu, and Jesslyn Nunez (Executive Compensation and Employee Benefits); Charles Mathes, Eliza Murray, and Anna Jarman (Public Company Advisory Practice); Elizabeth Cooper, Michael Chao, and Corinne Belkoff (Mergers and Acquisitions); Vanessa Burrows and Jacob Madden (Healthcare); James Rapp, Bettina Elstroth, and Joshua Traube (Section 16/Section 13); Toby Chun and Noreen Lavan (Environmental); Adam Moss, Kyle Nelson, and Roey Vardi (Credit); and Chandler Gerard‑Reimer (Intellectual Property). Patrick McCamy also provided valuable assistance.

Medline Raises More Than $7 Billion in Record Healthcare and Private Equity‑Backed IPO

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