Medline Announces Pricing of Upsized Initial Public Offering

Rhea-AI Summary

Medline (NASDAQ: MDLN) priced an upsized initial public offering of 216,034,482 shares of Class A common stock at $29.00 per share, with underwriters granted a 30-day option for up to 32,405,172 additional shares.

Shares are expected to begin trading on the Nasdaq Global Select Market on December 17, 2025, and the offering is expected to close on December 18, 2025. Net proceeds from 179,000,000 issued shares will repay outstanding senior secured term loan indebtedness; proceeds from 37,034,482 shares (and any option shares) will be used to purchase or redeem equity from certain pre-IPO owners.

Positive

• Priced IPO at $29.00 per share
• Total offering sized at 216,034,482 shares
• Net proceeds from 179,000,000 shares to repay term loans
• Expected Nasdaq trading start on December 17, 2025

Negative

• Includes sale of 37,034,482 shares to redeem pre-IPO owners
• Underwriters granted option for up to 32,405,172 additional shares

Key Figures

IPO shares offered 216,034,482 shares Class A common stock in upsized IPO

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

Primary shares for company 179,000,000 shares Proceeds to repay senior secured term loan facilities, other uses

Secondary shares for pre-IPO owners 37,034,482 shares Proceeds used to purchase/redeem pre-IPO equity interests

Underwriters’ option period 30 days Option to purchase up to 32,405,172 additional shares

Underwriters’ option shares 32,405,172 shares Additional Class A common stock under 30-day option

Trading start date December 17, 2025 Expected start of trading on Nasdaq Global Select Market

Expected closing date December 18, 2025 Expected closing of the initial public offering

Market Reality Check

Market Pulse Summary

This announcement details Medline’s upsized IPO of 216,034,482 Class A shares at $29.00 per share, with trading expected to begin on December 17, 2025 under the symbol MDLN. Proceeds from 179,000,000 primary shares are designated to repay senior secured term loan facilities and for general corporate purposes, while additional shares benefit pre-IPO owners. Investors may monitor post-IPO trading, execution of debt repayment, and any use of the underwriters’ 30-day option.

Key Terms

initial public offering financial

"Medline Inc. announced today the pricing of its upsized initial public offering"

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.

registration statement regulatory

"A registration statement relating to these securities has been filed"

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 is being 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 financial

"shares are expected to begin trading on the Nasdaq Global Select Market"

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. 16, 2025 (GLOBE NEWSWIRE) -- Medline Inc. (“Medline”) announced today the pricing of its upsized initial public offering of 216,034,482 shares of its Class A common stock, at a public offering price of $29.00 per share. Medline has granted the underwriters a 30-day option to purchase up to an additional 32,405,172 shares of Class A common stock. The shares are expected to begin trading on the Nasdaq Global Select Market on December 17, 2025, under the symbol “MDLN.”

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 any issuance of shares pursuant to any 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. The offering is expected to close on December 18, 2025, subject to customary closing conditions.

Goldman Sachs & Co. LLC, Morgan Stanley, BofA Securities and J.P. Morgan are acting as global coordinators and lead bookrunning managers for the proposed 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 are acting 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 are acting as co-managers for the proposed offering.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission and was declared effective on December 16, 2025. The offering is being made only by means of a prospectus. When available, 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 the commencement of trading of Medline’s Class A common stock on the Nasdaq Global Select Market and 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

What price was Medline IPO (MDLN) set at and how many shares were offered?

Medline priced 216,034,482 Class A shares at $29.00 per share.

When will Medline (MDLN) begin trading on Nasdaq?

Shares are expected to begin trading on the Nasdaq Global Select Market on December 17, 2025 under the symbol MDLN.

How will Medline use IPO proceeds from the offering of 179,000,000 shares?

Net proceeds from 179,000,000 shares will be used to repay outstanding senior secured term loan indebtedness.

What portion of Medline’s offering is for redeeming pre-IPO owners?

Proceeds from 37,034,482 shares and any exercised option shares will be used to purchase or redeem equity from certain pre-IPO owners.

When is the Medline (MDLN) offering expected to close?

The offering is expected to close on December 18, 2025, subject to customary closing conditions.

Does Medline’s IPO include an underwriter option to increase the size?

Yes. Underwriters have a 30-day option to purchase up to 32,405,172 additional Class A shares.