IPO Journey

Medline Inc.

IPO Date: May 26, 2026 · 8 filings tracked

Final Offer Terms

Ticker

MDLN

Exchange

Nasdaq Global Select Market

Offer Price

$37.00

Shares Offered

72,554,594

Estimated Proceeds

$2.7B

Underwriters

Led by Goldman Sachs & Co. LLC, Morgan Stanley

Filing Timeline

S-1

October 28, 2025

Largest privately held medical supply manufacturer and distributor in the U.S.
High-retention 'Prime Vendor' business model with over 98% customer retention

View full analysis → SEC filing ↗

S-1/A

November 4, 2025

Dominant market position as a primary medical supplier to hospitals globally.
High customer retention with a 98% Prime Vendor contract renewal rate.

Changes from previous filing

▸ Underwriters: Goldman Sachs & Co. LLC, Morgan Stanley, BofA Securities, J.P. Morgan, Barclays, Citigroup, Deutsche Bank Securities, Jefferies, UBS Investment Bank, Evercore ISI, BMO Capital Markets, BNP PARIBAS, MUFG, RBC Capital Markets, Santander, SOCIETE GENERALE, TD Cowen, Wells Fargo Securities, Wolfe | Nomura Alliance, Leerink Partners, Macquarie Capital, Mizuho, Piper Sandler, Truist Securities, William Blair, Blackstone, Carlyle, Baird, Rothschild & Co, Stifel, BTIG, ING, IMI – Intesa Sanpaolo, NCMG, Perella Weinberg, Academy Securities, AmeriVet Securities, Blaylock Van, LLC, C.L. King & Associates, Drexel Hamilton, Loop Capital Markets, Mischler Financial Group, Inc., R. Seelaus & Co., LLC, Ramirez & Co., Inc., Siebert Williams Shank, Tigress Financial Partners

View full analysis → SEC filing ↗

S-1/A

December 8, 2025

Dominant market position as the 'Amazon of hospitals' with a massive logistics network.
High customer loyalty with a 98% contract retention rate under the 'Prime Vendor' model.

Changes from previous filing

▸ Expected offer range: $26.0 – $30.0 per share
▸ Shares offered: 179,000,000
▸ Estimated proceeds: $4654M

View full analysis → SEC filing ↗

424B4 Material Update

December 18, 2025

Market leader as the largest private manufacturer and distributor of medical supplies in the U.S.
Exceptional customer loyalty with a 98% retention rate for Prime Vendor contracts.

Changes from previous filing

▸ Price range removed
▸ Final offer price: $29.0 per share
▸ Shares offered: 216,034,482
▸ Estimated proceeds: $6264M
▸ Underwriters: Goldman Sachs & Co. LLC, Morgan Stanley, BofA Securities, J.P. Morgan, Barclays, Citigroup, Deutsche Bank Securities, Jefferies, UBS Investment Bank, Evercore ISI, BMO Capital Markets, BNP PARIBAS, MUFG, RBC Capital Markets, Santander, SOCIETE GENERALE, TD Cowen, Wells Fargo Securities, Wolfe | Nomura Alliance, Leerink Partners, Macquarie Capital, Mizuho, Piper Sandler, Truist Securities, William Blair, Blackstone Capital Markets, Carlyle, Baird, Rothschild & Co, Stifel, BTIG, ING, IMI – Intesa Sanpaolo, NCMG, Perella Weinberg, Academy Securities, AmeriVet Securities, Blaylock Van, LLC, C.L. King & Associates, Drexel Hamilton, Loop Capital Markets, Mischler Financial Group, Inc., R. Seelaus & Co., LLC, Ramirez & Co., Inc., Siebert Williams Shank, Tigress Financial Partners

View full analysis → SEC filing ↗

S-1

March 3, 2026

Largest private medical manufacturer and distributor in the U.S.
Massive scale with over 100,000 healthcare facilities served globally

Changes from previous filing

▸ Shares offered: 75,000,000
▸ Underwriters: Goldman Sachs & Co. LLC, Morgan Stanley, BofA Securities, J.P. Morgan, Blackstone Capital Markets, Carlyle

View full analysis → SEC filing ↗

424B4 Material Update

March 6, 2026

Dominant market position as the 'Amazon of the hospital world' with a 98% customer retention rate.
Vertically integrated model where 65% of revenue comes from high-margin, self-manufactured medical products.

Changes from previous filing

▸ Final offer price: $41.0 per share
▸ Estimated proceeds: $3075M
▸ Underwriters: Goldman Sachs & Co. LLC, Morgan Stanley, BofA Securities, J.P. Morgan, Barclays, Citigroup, Deutsche Bank Securities, Jefferies, UBS Investment Bank, Evercore ISI, BMO Capital Markets, BNP PARIBAS, MUFG, RBC Capital Markets, Santander, SOCIETE GENERALE, TD Cowen, Wells Fargo Securities, Wolfe | Nomura Alliance, Leerink Partners, Macquarie Capital, Mizuho, Piper Sandler, Truist Securities, William Blair, Blackstone Capital Markets, Carlyle, Baird, Rothschild & Co, Stifel, BTIG, ING, IMI - Intesa Sanpaolo, NCMG, Perella Weinberg, Academy Securities, AmeriVet Securities, Blaylock Van, LLC, C.L. King & Associates, Drexel Hamilton, Loop Capital Markets, Mischler Financial Group, Inc., R. Seelaus & Co., LLC, Ramirez & Co., Inc., Siebert Williams Shank, Tigress Financial Partners

View full analysis → SEC filing ↗

S-1

May 20, 2026

Dominant market position as the 'Amazon of hospitals' with a massive physical infrastructure of 26 million sq ft of warehouse space.
High customer retention rate of over 98% over the last five years, ensuring predictable, recurring revenue.

Changes from previous filing

▸ Shares offered: 60,000,000
▸ Underwriters: Goldman Sachs & Co. LLC, Morgan Stanley, BofA Securities, J.P. Morgan, Blackstone Capital Markets

View full analysis → SEC filing ↗

424B4 Final Pricing

May 26, 2026

Largest private manufacturer and distributor of medical supplies in the U.S.
High-margin 'Medline Brand' products drive 80% of segment profit

Changes from previous filing

▸ Final offer price: $37.0 per share
▸ Shares offered: 72,554,594
▸ Estimated proceeds: $2684M
▸ Underwriters: Goldman Sachs & Co. LLC, Morgan Stanley, BofA Securities, J.P. Morgan, Barclays, Citigroup, Deutsche Bank Securities, Jefferies, UBS Investment Bank, Evercore ISI, BMO Capital Markets, BNP PARIBAS, MUFG, RBC Capital Markets, Santander, Societe Generale, TD Cowen, Wells Fargo Securities, Wolfe | Nomura Alliance, Leerink Partners, Macquarie Capital, Mizuho, Piper Sandler, Truist Securities, William Blair, Blackstone Capital Markets, Carlyle, Baird, Rothschild & Co, Stifel, BTIG, ING, IMI - Intesa Sanpaolo, NCMG, Perella Weinberg, Academy Securities, AmeriVet Securities, Blaylock Van, LLC, C.L. King & Associates, Drexel Hamilton, Loop Capital Markets, Mischler Financial Group, Inc., R. Seelaus & Co., LLC, Ramirez & Co., Inc., Siebert Williams Shank, Tigress Financial Partners

View full analysis → SEC filing ↗

Disclaimer: AI-generated analysis for informational purposes only. Not financial advice. Always conduct your own research.