Medline Industries is weighing a $5bn US IPO filing as soon as October, potentially marking the largest listing of 2025. The flotation could value the Illinois-based medical supplies giant at up to $50bn, according to a report by Bloomberg.

The company, which manufactures products including gloves, gowns, and exam tables, generated $25.5bn in net sales in 2024 and employs more than 43,000 staff worldwide.

Medline’s private equity owners, Blackstone, Carlyle, and Hellman & Friedman, acquired the firm in a $34bn leveraged buyout in 2021, one of the biggest buyouts on record.

Goldman Sachs and Morgan Stanley are leading the IPO syndicate, alongside JPMorgan and Bank of America. Medline first filed confidentially in December 2024, and a listing in October could pave the way for trading as early as November.

US equity capital markets have rallied in 2025, with $32bn raised so far, already exceeding last year’s total. A $5bn Medline IPO would surpass Venture Global’s $1.75bn listing in January as the year’s largest.

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