There could soon be another publicly traded health care giant – and one with home medical equipment (HME) ties.
Medline is inching closer toward filing for an initial public offering (IPO) in October, according to multiple reports. In terms of timing, that could set up Medline to begin being listed on the public markets by November.
If that plays out, Medline would become one of the largest new U.S. listings in 2025.
Medline is a global manufacturer and distributor of medical supplies, providing products that range from surgical instruments and gloves to diagnostic equipment and patient care solutions. The company also partners with health-care providers to improve clinical outcomes, streamline supply chains and reduce overall costs.
In 2024, Medline brought in more than $25.5 billion in overall net sales. It offers roughly 335,000 products, serves more than 100 countries and territories, and has more than 43,000 employees across the globe, according to its website.
The Northfield, Illinois-based Medline also supports the HME space by manufacturing and distributing a wide range of durable medical equipment (DME) and disposable supplies to providers and patients alike. Through programs like Medline Home Direct, for instance, it helps HME providers streamline operations by drop-shipping products directly to patients’ homes, reducing the need for excess inventory.
Sources told Bloomberg that Blackstone Inc., Carlyle Group Inc. and Hellman & Friedman are among those backing the IPO. Ultimately, the go-public move could raise upwards of $5 billion, those sources suggested.
Those three aforementioned firms currently own a majority stake in the family-owned medical-product maker. Blackstone, Carlyle and Hellman & Friedman acquired their stake in Medline in 2021 via a $34 billion leveraged buyout.
“We are excited to partner with Medline’s impressive management team to accelerate growth through continued execution, innovation and investment,” Steve Wise, Carlyle’s global head of health care, said at the time. “With a deep commitment to sustainable value creation, we look forward to leveraging our combined operational capabilities, expansive health-care network and capital to support organic and inorganic growth initiatives for the company.”
Goldman Sachs and Morgan Stanley are leading the IPO effort, alongside JPMorgan and Bank of America, according to a report from Private Equity Insights.
U.S. IPO activity has rebounded in 2025, with significantly more companies going public than in 2024 – nearly double by late September. While the overall number of IPOs is up sharply, proceeds per deal remain mixed, with capital raised not always keeping pace with volume.
In the health-care sector, there have been a handful of prominent IPOs or IPO attempts.
Hinge Health, a digital musculoskeletal care company, priced its IPO at $32 per share in May and raised roughly $437 million.
Omada Health, a virtual chronic care company, went public in June with a valuation of about $1.1 billion.
