Medline Industries, the healthcare supply group backed by Blackstone, Carlyle, and Hellman & Friedman, has filed for a U.S. initial public offering that could value the company at up to $50bn, positioning it as one of the largest IPOs in recent years, Reuters reports.

The Northfield, Illinois-based firm reported first-half 2025 net sales of $13.53bn, up 9.7% from a year earlier, while profit rose to $655m from $587m. Medline manufactures and distributes a wide range of medical supplies, including surgical instruments, gloves, and laboratory equipment, to hospitals worldwide.

The filing comes amid renewed momentum in U.S. capital markets after a prolonged IPO slowdown. Despite delays caused by the recent government shutdown, analysts say market conditions have improved and investor appetite for large-cap listings is returning.

The IPO, expected to raise roughly $5bn, would be a major liquidity event for its private equity owners. Blackstone, Carlyle, and Hellman & Friedman acquired Medline in 2021 in a $34bn deal, then one of the largest leveraged buyouts ever completed in the healthcare sector.

Founded in 1966 by brothers James and Jon Mills, Medline went public for the first time in 1972 before later being taken private again by the family. It has since grown into one of the world’s largest privately held medical supply companies.

Goldman Sachs, Morgan Stanley, BofA Securities, and J.P. Morgan are acting as lead bookrunners. Medline intends to list on the Nasdaq under the ticker “MDLN.”

If completed, the offering would not only mark a significant milestone for the private equity firms behind the company but also serve as a litmus test for the broader U.S. IPO market’s recovery.

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