Simpson Thacher advised Medline Inc. on its initial public offering, which raised total gross proceeds of more than $7 billion. In addition to being the largest healthcare IPO in history, Medline’s offering is the largest IPO of 2025 and the largest private equity–backed IPO ever.
A total of 248,439,654 shares of Class A common stock were sold in the offering, including the full exercise by the underwriters of their option to purchase additional shares, at a price to the public of $29 per share. The Class A common stock began trading on the Nasdaq Global Select Market under the ticker symbol “MDLN” on December 17, 2025.
Medline Inc. is the largest provider of medical-surgical products and supply chain solutions serving all points of care, based on total net sales of products. Medline delivers mission-critical products used daily across the full range of care settings, from hospitals and surgery centers to physician offices and post-acute facilities. Through its two segments, Medline Brand and Supply Chain Solutions, Medline offers approximately 335,000 products, including surgical and procedural kits, gloves and protective apparel, urological and incontinence care, wound care, and consumable lab and diagnostics products.
The Simpson Thacher team included Josh Bonnie, Jonathan Ozner, Katharine Thompson, Evan Hunt, Samantha Sergent, Kelsey Henderson, and Noor Irshaidat (Capital Markets); Jonathan Goldstein, Sophie Staples, Matthew Lester, and Jiha Min (Tax); Gregory Grogan, Gary Tashjian, Guanxiong Xu, and Jesslyn Nunez (Executive Compensation and Employee Benefits); Charles Mathes, Eliza Murray, and Anna Jarman (Public Company Advisory Practice); Elizabeth Cooper, Michael Chao, and Corinne Belkoff (Mergers and Acquisitions); Vanessa Burrows and Jacob Madden (Healthcare); James Rapp, Bettina Elstroth, and Joshua Traube (Section 16/Section 13); Toby Chun and Noreen Lavan (Environmental); Adam Moss, Kyle Nelson, and Roey Vardi (Credit); and Chandler Gerard-Reimer (Intellectual Property). Patrick McCamy also provided valuable assistance.