Medline sets terms for IPO
Medical supplies giant Medline sets terms for $5 billion IPO, the largest since 2021
Medline, which is leading medical supplies manufacturer and distributor, announced terms for its IPO on Monday.
The Northfield, IL-based company plans to raise $5.0 billion by offering 179 million shares at a price range of $26 to $30. Cornerstone investors Capital Group, Counterpoint Global （Morgan Stanley）， Durable Capital Partners, GIC, Janus Henderson, Viking Global, and WCM Investment Management have indicated on $2.4 billion worth of shares in the offering （47% of the deal）， and the founding Mills Family has indicated on $250 million （5% of the deal）。 At the midpoint of the proposed range, Medline would command a fully diluted market value of $37.3 billion.
December 16, 2025:Medical supplies giant Medline prices upsized IPO at $29, above the midpoint
Medline Company News
Collaborative Development of AI-Driven Supply Chain Solutions
Medline collaborates with Northwestern Medicine and Providence on next-generation, Microsoft-based, AI-powered supply chain solution
Northfield, Ill., Sept 15, 2025 – Medline announced two major healthcare providers – Northwestern Medicine and Providence – will collaborate with the company in the development of Mpower?, Medline’s AI-powered supply chain solution built on Microsoft 365 and powered by Azure AI to reduce disruptions and improve patient care.
“Having forward-thinking providers join our AI supply chain collaboration with Microsoft is very powerful,” said Marc Phillips, Medline senior vice president of supply solutions. “These healthcare providers see the future of streamlined information and workflow through Mpower, greatly benefiting their patients, staff and communities. They are committed to creating a supply chain that is reliable and resilient, and they want a seamless solution that is simple for their teams to use.”
Medline announced its collaboration with Microsoft last year to advance supply chain resiliency and optimization with the development of a new “AI digital control tower” for product substitutions, approvals and communications. The platform is built on Microsoft 365 and is designed to be intuitive and accessible for all health systems. This transformative, predictive solution is built specifically for the healthcare supply chain.
Significance and Outlook
“AI is transforming healthcare supply chain management by simplifying procurement and lightening the operational load,” said Larry Jones, Microsoft CVP, health and life sciences. “Mpower combines Microsoft 365 and Azure AI with Medline’s resilient supply chain expertise to help ensure essential supplies are within reach, allowing caregivers to concentrate on what truly matters: their patients. We’re excited to see what our shared customers Northwestern Medicine and Providence are able to achieve with this powerful tool.”
Medline invited Northwestern Medicine and Providence to help develop Mpower based on their industry leadership, excellent care and long-standing work with Medline. As part of the effort, each provider dedicated supply chain, technical and clinical leadership to drive Mpower development and implementation through their respective networks, offering them the opportunity to tackle the industry’s most pressing supply chain issues.
“Today’s dependency on the global marketplace is characterized by higher levels of complexity and turbulence coming from both external and internal supply network disruptions,” said Dave Walker, Providence SVP and chief supply chain officer. “To reduce this risk, legacy linear supply chains, once optimized for cost and stability, need to be replaced with supply chain ecosystems that incorporate event readiness, efficient responsiveness and effective recovery. Our partnership with Medline and Microsoft will forge the next level of supply chain resilience capability.”
“Being part of this collaboration with Medline and Microsoft aligns with our philosophy and who we are fundamentally,” added Tabitha Welsh, Northwestern Medicine director of supply chain, “We are responsive, agile innovators at Northwestern – especially when looking at ways to enhance and scale quality of care and becoming more efficient.”
Once launched, Mpower will be available at no cost to Medline Prime Vendor customers currently using Mpower? Foundations?, Medline’s cloud-based risk-profiling and prediction platform.
Medline Company Profile
Medline is a major distributor and manufacturer of medical-surgical products, supplying roughly 335,000 items across two segments: Medline Brand, which includes the company’s own manufactured and private-label products, and Supply Chain Solutions, which distributes third-party medical supplies and provides logistics and procurement services to healthcare organizations. The company produces about one-third of its branded products in 33 global facilities and sources the rest from more than 500 suppliers. Its distribution network includes 69 facilities and a fleet of over 2,000 trucks serving about 95% of US customers within a day. Medline serves as prime vendor for more than 1,300 healthcare organizations under long-term supply agreements and continues to expand into areas such as laboratory, animal health, and international markets.
Medline was founded in 1966 and booked $27.4 billion in revenue for the 12 months ended September 30, 2025. It plans to list on the Nasdaq under the symbol MDLN. Goldman Sachs, Morgan Stanley, BofA Securities, J.P. Morgan, Barclays, Citi, Deutsche Bank, Jefferies, UBS Investment Bank, Evercore ISI, BMO Capital Markets, BNP Paribas, MUFG Securities America, RBC Capital Markets, Santander, Societe Generale, TD Securities, Wells Fargo Securities, WR Securities, Nomura Securities, Leerink Partners, Macquarie Capital, Mizuho Securities, Piper Sandler, Truist Securities, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of December 15, 2025.