Medline Announces Closing of Upsized Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

Medline (Nasdaq: MDLN) closed an upsized initial public offering on Dec 18, 2025, selling 248,439,654 shares of Class A common stock at a public offering price of $29.00 per share, including full exercise of the underwriters' option for 32,405,172 additional shares.

Medline intends to use proceeds (net of underwriting discounts) from 179,000,000 shares to repay outstanding indebtedness under its senior secured term loan facilities, and proceeds from 37,034,482 shares plus the option shares to purchase or redeem an equivalent aggregate number of outstanding equity interests from certain pre-IPO owners. Class A common stock is listed on Nasdaq Global Select Market under MDLN.

Positive

• Closed upsized IPO: 248,439,654 shares at $29.00
• Underwriters fully exercised 32,405,172-share option
• Proceeds from 179,000,000 shares to repay senior secured term loan
• Shares listed on Nasdaq Global Select Market under MDLN

Negative

• Issued 37,034,482 shares plus 32,405,172 option shares for pre-IPO redemptions

News Market Reaction – MDLN

-3.66%

46 alerts

-3.66% News Effect

+12.1% Peak Tracked

-2.9% Trough Tracked

-$2.25B Valuation Impact

$59.33B Market Cap

0.1x Rel. Volume

On the day this news was published, MDLN declined 3.66%, reflecting a moderate negative market reaction. Argus tracked a peak move of +12.1% during that session. Argus tracked a trough of -2.9% from its starting point during tracking. Our momentum scanner triggered 46 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $2.25B from the company's valuation, bringing the market cap to $59.33B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

IPO shares offered: 248,439,654 shares IPO price: $29.00 per share Underwriters’ option: 32,405,172 shares +4 more

7 metrics

IPO shares offered 248,439,654 shares Total Class A common stock in upsized IPO

IPO price $29.00 per share Public offering price for Class A common stock

Underwriters’ option 32,405,172 shares Full exercise of option to purchase additional shares

Primary shares for debt 179,000,000 shares Net proceeds intended to repay senior secured term loans

Secondary shares 37,034,482 shares Proceeds used to purchase interests from certain pre-IPO owners

Effective date December 16, 2025 Registration statement declared effective by SEC

Listing price context $41.00 Current price vs IPO price of $29.00

Market Reality Check

Price: $49.80 Vol: Volume 78,458,040 is in l...

normal vol

$49.80 Last Close

Volume Volume 78,458,040 is in line with the 20-day average of 78,748,631 (relative volume 1). normal

Technical Price around the 200-day moving average of 41, with trend signals limited for a recent IPO.

Market Pulse Summary

This announcement confirms the closing of Medline’s upsized IPO at $29.00 per share, totaling 248,43...

Analysis

This announcement confirms the closing of Medline’s upsized IPO at $29.00 per share, totaling 248,439,654 Class A shares and full exercise of the underwriters’ option. A substantial portion of proceeds is earmarked to repay senior secured term loan facilities, with the remainder funding purchases from pre-IPO owners and offering expenses. Investors may monitor post-IPO trading, leverage changes, and any follow-on financing or strategic updates for further context.

Key Terms

initial public offering, underwriters’ option, senior secured term loan facilities, registration statement, +2 more

6 terms

initial public offering financial

"closed its upsized initial public offering of 248,439,654 shares"

An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.

underwriters’ option financial

"full exercise by the underwriters of their option to purchase up to an additional"

An underwriters’ option is a provision in a securities offering that lets the group selling the new shares buy a fixed extra amount (often up to 15%) from the issuer after the sale. It acts like a short-term safety valve: if demand is strong, underwriters exercise the option and supply extra shares; if the price falls, they can use the option to stabilize the market. For investors this matters because it affects how many shares come to market, potential short-term dilution, and post-offering price stability—similar to having a reserve supply to smooth out sudden swings.

senior secured term loan facilities financial

"to repay outstanding indebtedness under its senior secured term loan facilities"

A senior secured term loan facility is a bank or investor loan that a company borrows for a set period and repays on a schedule, backed by specific assets as collateral and given top priority over other debts if the company fails. Think of it like a mortgage on a company’s property: lenders get lower risk because they can seize pledged assets first, so the loan’s size, rate and priority directly affect how risky and valuable the company’s stock and other debt look to investors.

registration statement regulatory

"A registration statement relating to these securities was filed with the Securities"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

prospectus regulatory

"The offering was made only by means of a prospectus."

A prospectus is a detailed document that explains a company's plans for offering new shares or investments to the public. It’s important because it provides potential investors with key information about the company’s business, risks, and how they might make money, helping them decide whether to invest. Think of it as a guidebook for understanding what you're buying into.

Nasdaq Global Select Market market

"Class A common stock is listed on the Nasdaq Global Select Market under the symbol"

A Nasdaq Global Select Market listing is the highest tier of stocks on the Nasdaq exchange, reserved for companies that meet the strictest financial, reporting and governance standards. For investors, it acts like a premium quality label—signaling larger, more transparent and better-governed companies that tend to offer greater liquidity and lower perceived risk compared with lower-tier listings, making it easier to buy, sell and evaluate shares.

AI-generated analysis. Not financial advice.

NORTHFIELD, Ill., Dec. 18, 2025 (GLOBE NEWSWIRE) -- Medline Inc. (Nasdaq: MDLN) (“Medline”) announced today that it has closed its upsized initial public offering of 248,439,654 shares of its Class A common stock at a public offering price of $29.00 per share, including the full exercise by the underwriters of their option to purchase up to an additional 32,405,172 shares of Class A common stock.

Medline intends to use the proceeds (net of underwriting discounts) from the issuance of 179,000,000 shares to repay outstanding indebtedness under its senior secured term loan facilities and the remainder for general corporate purposes and to bear the expenses of the offering. Medline intends to use the proceeds (net of underwriting discounts) from the issuance of 37,034,482 shares and from the issuance of shares pursuant to the exercise by the underwriters of their option to purchase an additional 32,405,172 shares of Class A common stock to purchase or redeem an equivalent aggregate number of outstanding equity interests from certain of its pre-IPO owners. Medline’s Class A common stock is listed on the Nasdaq Global Select Market under the symbol “MDLN.”

Goldman Sachs & Co. LLC, Morgan Stanley, BofA Securities and J.P. Morgan acted as global coordinators and lead bookrunning managers for the offering. Barclays, Citigroup, Deutsche Bank Securities, Jefferies, UBS Investment Bank, Evercore ISI, BMO Capital Markets, BNP Paribas, MUFG, RBC Capital Markets, Santander, Societe Generale, TD Cowen, Wells Fargo Securities, Wolfe | Nomura Alliance, Leerink Partners, Macquarie Capital, Mizuho, Piper Sandler, Truist Securities and William Blair acted as bookrunning managers, and Blackstone Capital Markets, Carlyle, Baird, Rothschild & Co, Stifel, BTIG, ING, IMI – Intesa Sanpaolo, NCMG, Perella Weinberg, Academy Securities, AmeriVet Securities, Blaylock Van, LLC, C.L. King & Associates, Drexel Hamilton, Loop Capital Markets, Mischler Financial Group, Inc., R. Seelaus & Co., LLC, Ramirez & Co., Inc., Siebert Williams Shank and Tigress Financial Partners acted as co-managers for the offering.

A registration statement relating to these securities was filed with the Securities and Exchange Commission and was declared effective on December 16, 2025. The offering was made only by means of a prospectus. Copies of the prospectus relating to the initial public offering may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at 1-866-471-2526, or by email at prospectus-ny@ny.email.gs.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014 or by email at prospectus@morganstanley.com; BofA Securities, Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001 or by email at dg.prospectus_requests@bofa.com; and J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Medline
Medline is the largest provider of medical-surgical products and supply chain solutions serving all points of care. Through its broad product portfolio, resilient supply chain and leading clinical solutions, Medline helps healthcare providers improve their clinical, financial and operational outcomes. Headquartered in Northfield, Illinois, the company employs more than 43,000 people worldwide and operates in more than 100 countries.

Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. These statements may include words such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “foreseeable,” “guidance,” “intend,” “likely,” “may,” “objectives,” “outlook,” “plan,” “potentially,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or variations of these terms and similar expressions, or the negative of these terms or similar expressions. These forward-looking statements include any statements regarding Medline’s intended use of proceeds from the offering. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include but are not limited to those described under “Risk Factors” in Medline’s registration statement on Form S-1, as amended, relating to the initial public offering. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the registration statement. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Contacts
Karen King
Global Head Investor Relations
+1.847.247.7222, Karen.King@medline.com

Ben Fox
Vice President, Corporate Communications
+1.224.327.9999, BeFox@medline.com

Source: Medline Inc.

FAQ

How many shares did Medline (MDLN) sell in its Dec 18, 2025 IPO?

Medline sold 248,439,654 Class A shares at $29.00 per share.

What portion of Medline's IPO proceeds will repay debt for MDLN?

Proceeds (net of underwriting discounts) from 179,000,000 shares will repay senior secured term loan indebtedness.

Did underwriters exercise their option in the Medline (MDLN) offering?

Yes — the underwriters fully exercised an option to purchase 32,405,172 additional shares.

Will Medline use any IPO proceeds to buy out pre-IPO owners for MDLN?

Yes — proceeds from 37,034,482 shares plus the option shares will purchase or redeem equivalent interests from certain pre-IPO owners.

When was the registration statement for Medline (MDLN) declared effective?

The registration statement was declared effective on Dec 16, 2025.