Medline IPO: Should You Buy MDLN Stock?

close-up of blue Medline logo on a cardboard box

(Image credit: Smith Collection/Gado/Getty Images)

The market for initial public offerings (IPOs) was gaining momentum heading into the fourth quarter (Q4) of 2025, but quickly lost steam as the record-long government shutdown put a short-term halt to public offerings.

According to Renaissance Capital, the 64 IPOs we saw in Q3 raised a combined $15.3 billion, marking the biggest quarter of new issuance since 2021.

"Twenty-four IPOs raised $100 million or more, another post-2021 high, led by a wave of high-profile unicorns," wrote Renaissance Capital in its Q3 2025 Quarterly Review (PDF). "Renewed interest in growth stocks allowed many of these names to price above the midpoint, and while a few of the earlier IPOs had explosive debuts, like billion-dollar deal Figma's historic 250% pop, more rational appetite prevailed towards quarter end."

From just $107.88 $24.99 for Kiplinger Personal Finance

Become a smarter, better informed investor. Subscribe from just ~~$107.88~~ $24.99, plus get up to 4 Special Issues

CLICK FOR FREE ISSUE

https://cdn.mos.cms.futurecdn.net/flexiimages/y99mlvgqmn1763972420.png

Sign up for Kiplinger’s Free Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

But October saw just 22 new listings, and November had half that, with the 33 total offerings raising a combined $5.5 billion.

While Renaissance Capital didn't expect a rush of offerings through year's end "due to a backlogged SEC, pressure on AI and other tech stocks and the approaching holiday slowdown," there were a few notable names that made their market debut before the new year.

Among them was medical supplies company Medline, whose deal size of $6.26 billion makes it the biggest IPO since Rivian Automotive (RIVN) raised $11.9 billion in its 2021 offering.

When is the Medline IPO?

In late October, Medline announced that it had filed its IPO paperwork with the Securities and Exchange Commission (SEC). The company updated its filing on December 8, saying it will sell 179 million shares and expects them to be priced from $26 to $30 apiece. And on Tuesday, December 16, Medline increased the size of its offering to 216 million shares, which were priced at $29 apiece.

Medline shares began trading December 17, with the stock listed on the Nasdaq Global Select Market under the ticker symbol "MDLN."

MDLN stock opened the day at $35, nearly 21% above the IPO price. Shares hit an intraday high of $41.25 before settling just south of here at $41.

Who owns Medline?

Medline previously traded on the public markets in the mid-1970s, but was taken private by Jim and Jon Mills, who founded the company in 1966.

In 2021, a group of private equity firms — Blackstone, Carlyle and Hellman & Friedman — acquired a majority stake in Medline for roughly $30 billion, in what was then the largest leveraged buyout since 2008.

According to the company's regulatory filing, Medline currently operates 22 manufacturing facilities and 69 distribution centers across more than 100 countries. It employs 43,000 folks worldwide.

Its growth is impressive, too. The company has enjoyed more than 50 straight years of annual net sales growth. In 2024, Medline generated net sales of $25.5 billion, up 10% from the year prior. In the first six months of 2025, net sales rose 9.8% to $13.5 billion.

Can I buy MDLN stock?

"An initial public offering enables a private company to 'go public,' or start trading in public markets, by issuing its own shares on a stock exchange for the first time. In this way, any investor can buy shares and the company can raise capital to grow," Kiplinger contributing writer Tom Taulli writes in his article, "What Is an Initial Public Offering (IPO)?".

But buyer beware: IPOs can be volatile — especially for retail investors. While new stocks tend to have strong first-day showings, returns for the first year are generally weak, says the team of analysts at Trivariate Research, a market research firm based in New York.

"In this froth and frenzy, opportunities mix with peril," writes David Milstead, senior associate editor at the Kiplinger Personal Finance magazine. "The safest course may be to wait for companies to settle in some months after their debut, after one or two quarterly earnings reports."

Ultimately, the decision to buy the Medline IPO comes down to your own risk tolerance and personal investing goals. If you choose to buy shares of MDLN stock when they first begin trading, it's prudent to do so in a small amount that you can afford to lose and have a trading plan in place.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.