Co-founded by brothers Jim Mills and Jon Mills in 1966, Medline focuses on the production and distribution of medical supplies. Its product portfolio includes daily hospital and physician supplies such as gloves, surgical gowns, and examination tables, with a customer network covering hospitals, clinics, and other medical institutions in 125 countries worldwide. According to the latest 2025 industry rankings, Medline ranks as the world's third-largest medical device company, trailing only Medtronic and Johnson & Johnson.

The company's existing shareholders include three private equity giants: Blackstone Group, The Carlyle Group, and Hellman & Friedman. As early as 2021, these three institutions jointly acquired a majority stake in Medline for $34 billion, a transaction that ranked among the largest leveraged buyouts in global history. Following the acquisition, the Mills family remains the largest individual shareholder of the company and holds 17.8% of the voting rights after this IPO.

Financial data shows that for the nine months ended September 27, 2025, Medline achieved revenue of $20.6 billion and a net profit of $977 million. In the same period last year, it recorded revenue of $18.7 billion and a net profit of $911 million, demonstrating a steady growth trend in its performance.

The IPO garnered significant market enthusiasm, with the offering being oversubscribed by more than 10 times. Additionally, Medline has secured cornerstone investor commitments for up to $2.35 billion in total subscriptions. The investors include globally renowned institutions such as GIC (Singapore's sovereign wealth fund), Baillie Gifford, Capital Group, Counterpoint Global (affiliated with Morgan Stanley), and Durable Capital Partners.

Notably, Medline's path to listing was not without hurdles. In early 2025, changes in U.S. tariff policies on China raised its supply chain costs, and a subsequent federal government shutdown further disrupted its preparation schedule, forcing the postponement of its original plan to list in the first half of the year. In the face of these challenges, the company optimized its management through measures such as merging distribution centers and upgrading information systems. Leveraging its unique "manufacturing scale effect + high turnover rate in distribution" model, Medline not only successfully weathered the risks but also achieved a gross profit margin of 32%. This IPO also propels Medline into the ranks of the fifth-largest IPOs in the U.S. stock market over the past decade (with proceeds exceeding $5 billion).