Medline has raised $6.26bn in an upsized initial public offering, marking the largest IPO globally in 2025. The medical supplies group priced shares above the midpoint of its marketed range.

The company sold 216m shares at $29 each, increasing the size of the offering from its initial plan. The IPO follows Medline’s $34bn take-private by Blackstone, Carlyle, and Hellman & Friedman in 2021.

The transaction caps a strong rebound in US IPO activity after a prolonged slowdown. Bankers said Medline’s listing helped close the year on a high for equity capital markets.

Medline is one of the largest manufacturers and distributors of medical supplies globally. The company reported net income of $977m on sales of $20.6bn in the nine months to September.

The shares are expected to trade on Nasdaq under the ticker MDLN.

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