Medline’s Upcoming $55 Billion IPO: Founding Family Stake and Sector Impact Analysis

This analysis is based on a December 8, 2025, Forbes report [1] detailing Medline’s upcoming IPO, valued up to $55 billion. The founding Mills family, which ran the company from its 1910 inception until a 2021 private equity (PE) acquisition, retains a stake exceeding $6 billion. The 2021 acquisition by Blackstone Group, Carlyle Group, and Hellman & Friedman valued Medline at $30 billion [1].

The broader market showed modest declines on December 8 (S&P 500 -0.42%, NASDAQ -0.39%, Dow -0.48% [0]), with the healthcare sector down 1.71% [0]. Medline’s direct peers in medical supplies experienced more muted losses: Cardinal Health (CAH) -0.07%, McKesson (MCK) -0.90%, and Henry Schein (HSIC) -1.23% [0]. This suggests the IPO news did not trigger significant sector-wide volatility, likely due to its limited immediate impact on public companies and ongoing broader sector declines.

Medline’s 2024 financial performance includes $25.5 billion in sales (83% CAGR since 2019) and $1.2 billion in profits [1]. A successful $55 billion IPO would position it as one of the largest public companies in the medical supplies sector, potentially redefining valuation benchmarks for peers.

1. Founding Family Continuity
   : The Mills family’s $6 billion-plus stake indicates ongoing involvement post-IPO, which may appeal to investors seeking organizational stability.
2. PE-Backed Growth Precedent
   : Medline’s revenue and profit growth under PE ownership could serve as a model for other private equity-owned healthcare firms considering public listings.
3. Valuation Scrutiny
   : The 83% valuation increase from the 2021 PE acquisition (to $55 billion) highlights strong growth but raises questions about whether the valuation is justified by future performance potential.

• Market Sentiment
  : The healthcare sector’s 1.71% decline on December 8 reflects cautious investor sentiment, which could impact the IPO’s pricing and demand [0].
• Valuation Risk
  : The $55 billion valuation is significantly higher than the 2021 PE price, increasing the risk of overvaluation.
• Regulatory Risks
  : The medical supplies industry faces pricing regulations and supply chain scrutiny, which could affect Medline’s future profitability.
• PE Exit Dynamics
  : The three PE firms may seek to offload portions of their stake post-IPO, potentially adding selling pressure.

• Sector Visibility
  : The high-profile IPO could enhance investor focus on the medical supplies industry.
• Valuation Uplift
  : A successful IPO may positively impact valuations of Medline’s public peers.
• Industry Confidence Signal
  : The IPO could signal renewed confidence in the sector’s post-pandemic growth potential.

• IPO Valuation
  : Up to $55 billion, an 83% increase from the 2021 PE acquisition [1].
• Founding Family Stake
  : Exceeds $6 billion [1].
• 2024 Financials
  : $25.5 billion in sales (83% CAGR since 2019) and $1.2 billion in profits [1].
• PE Backers
  : Blackstone Group, Carlyle Group, Hellman & Friedman [1].
• Peer Performance (December 8, 2025)
  : CAH -0.07%, MCK -0.90%, HSIC -1.23% [0].

• Exact IPO date and pricing details
• Q3 2025 financial performance and forward guidance
• Investor appetite for large IPOs in current market conditions

Decision-makers should monitor these factors to assess the IPO’s potential impact on sector valuations and investment landscapes.