(Reuters) -Medline’s revenue rose 9.7% in the first half of 2025, according to paperwork filed for its New York listing on Tuesday, bringing the healthcare giant a step closer to a blockbuster IPO that could value it at up to $50 billion.
Initial public offerings in the U.S. have mounted a strong comeback after nearly three years of sluggish activity, with established companies boasting proven revenues, earnings power, and high-profile backers leading the way.
While the U.S. government shutdown has caused some short-term delays, top Wall Street executives say the IPO pipeline remains strong, with the stage set for a meaningful pickup in activity in the coming quarters.
Medline reported net sales of $13.53 billion in the first half of 2025, compared with $12.34 billion a year earlier. Its profit came in at $655 million for the same period, up from $587 million year over year.
Medline’s IPO could also be a major win for its private equity owners — Blackstone, Carlyle and Hellman & Friedman — which together acquired it in a deal worth $34 billion in 2021.
The company was founded in 1966 by brothers James and Jon Mills. Its roots trace back to a garment manufacturer that began making butcher’s aprons for the meatpacking industry in 1910.
Today, it is one of the largest manufacturers and distributors of medical supplies, including surgical equipment, gloves and laboratory devices used by hospitals worldwide.
Goldman Sachs, Morgan Stanley, BofA Securities and J.P. Morgan are acting as lead bookrunning managers for the offering.
(Reporting by Manya Saini and Arasu Kannagi Basil in Bengaluru; Editing by Alan Barona)
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