Medline, leading medical-surgical products and supply chain solutions provider, completes the largest U.S. IPO of 2025
On December 16, 2025, Medline Industries, the largest provider of medical-surgical products and supply chain solutions in the United States, raised an impressive $6.3 billion in the largest IPO of 2025, and the biggest U.S. public listing since 2021. Shares surged 41% on the first day of trading, following strong investor demand.
H/Advisors U.S. Investor Relations team played a pivotal role in steering Medline through one of the most closely watched public offerings in recent years. From managing market speculation and mitigating leaks to coordinating high-profile media engagements at Nasdaq, the team operated in a fast-moving, high-stakes environment. Our U.S. team developed a comprehensive IPO communications plan that aligned strategic rationale with precise timing, ensuring seamless coordination across all stakeholders. Over the course of a year, this approach maintained momentum and readiness despite shifting timelines, culminating in a flawless execution on listing day.
Medline is the largest provider of medical-surgical products and supply chain solutions serving all points of care across the United States. Through its broad product portfolio, resilient supply chain and leading clinical solutions, Medline helps healthcare providers improve their clinical, financial and operational outcomes. It employs 43,000 people worldwide and operates in over 100 countries. Read the official press release.
Navigating a challenging U.S. market: Medline’s path to a landmark IPO
H/Advisors U.S. team was engaged by Medline to develop and execute a comprehensive internal and external IPO communications strategy. As a 60-year-old, family-owned company that has historically been media-shy, Medline sought to ensure communications around its initial public offering aligned with their brand and legacy while capitalizing on this major corporate milestone. With three major private equity firms having invested in 2021, speculation about its IPO was running high and in December 2024, Medline announced that it had confidentially submitted a draft registration statement, clearly signaling its intent to pursue an IPO that would be among the largest in years. 2025 proved to be a challenging macro environment for IPOs, initially due to uncertainty about tariffs and later a government shutdown delayed deals.
Managing media and market dynamics for Medline’s Nasdaq debut
Throughout the engagement, our U.S. colleagues managed a dynamic and evolving communications environment. Our work spanned from managing speculation and leaks to arranging listing-day media engagement including providing on-the-ground support for high-profile interviews at Nasdaq. The engagement required navigating a shifting timeline while maintaining momentum and readiness for one of the most closely watched public offerings in years. H/Advisors U.S. Investor Relations team collaborated with Medline to produce a comprehensive IPO communications plan that outlined approach and strategic rationale, housed specific content and the timing for its release enabling carefully coordinated communications across all stakeholders over the course of a year.
Medline’s historic entry into U.S. public markets
Medline successfully completed its IPO, becoming the largest U.S. public offering since 2021. Following strong investor demand, the deal size was increased and shares were priced at the high end of the expected range. On Listing Day, the company raised $6.3 billion and traded up 41% in its first day of trading. The outcome reflected close collaboration between H/Advisors U.S. team and Medline across all phases of the process, from strategic planning through flawless execution, resulting in strong media coverage, confident leadership performance, and a smooth, highly successful entry into the public markets.
Contact
Sheila Ennis
Managing Director, Head of Investor Relations
Alexa Clements
Senior Vice President
