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Medline priced its IPO at $29 a share on December 16, 2025, and completed the offering on December 18. The company reported about $7.048 billion in net proceeds after underwriting discounts and commissions, before offering expenses. That money is not the same as proceeds from later share sales by existing owners: a March 2026 resale offering generated about $3.5 billion for selling stockholders, not Medline. Official filings establish the IPO and ownership mechanics, but do not establish a current net-worth figure for the Mills founding family.
When did Medline go public?
Medline priced its upsized IPO on December 16, 2025, at $29 per share. Its announcement said trading was expected to begin the next day under the Nasdaq ticker MDLN. Trading began December 17, and the IPO closed December 18, according to Medline’s pricing announcement and SEC filing.
The filing reports that 248,439,654 Class A shares were sold at $29 each, including the underwriters’ fully exercised option.
How much did Medline raise, and where did the money go?
Medline reported approximately $7.048 billion in net IPO proceeds after about $157 million in underwriting discounts and commissions, but before approximately $40 million in offering expenses. The distinction matters: net proceeds after underwriting are not the same as cash remaining after every transaction cost.
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Of those proceeds, $5.078 billion was associated with 179 million newly issued shares. Medline Inc. used that amount to purchase an equivalent number of newly issued common units in Medline Holdings, LP. Medline Holdings then used $731 million to repay Euro term loans and $3.292 billion to repay part of its Dollar term loans due in 2028, as disclosed in the IPO filing.
The transaction therefore combined new equity capital with debt repayment and transactions involving pre-IPO owners. The IPO filing describes other shares and the underwriters’ option as supporting purchases or redemptions of interests from existing owners; those amounts should not be mistaken for cash raised by the operating company.
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Why later share sales are different from the IPO
In a resale offering, existing shareholders sell shares they already own. The proceeds go to those selling stockholders, rather than to the issuer, unless the company is itself selling shares.
Medline’s SEC filing reports a March 10, 2026 resale offering in which 86.25 million shares were sold at $41 each, for approximately $3.5 billion in gross proceeds to selling stockholders. That was liquidity for the sellers, not a new $3.5 billion capital raise for Medline.
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Medline Inc. is a holding company formed in Delaware in November 2024. Its material assets are equity interests in Medline Holdings, LP and its subsidiaries. Following the reorganization connected with the IPO, Medline Inc. became Medline Holdings’ general partner and controls its business and affairs, according to the SEC filing.
The IPO changed the company’s ownership structure, but the transaction alone does not establish what percentage of Medline any particular family member owns today. Assessing an individual or family’s stake requires current beneficial-ownership disclosures and careful attention to the relevant share class, trusts, and attribution rules.
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Is the Mills family a billionaire founding family?
The Mills family is associated with Medline’s founding, but the official sources cited here do not provide a current, attributable estimate of the family’s wealth. They also do not, by themselves, establish a current family ownership percentage that could be multiplied by Medline’s market value to calculate net worth.
As a result, “billionaire founding family” is not a verified conclusion from the IPO figures. A defensible estimate would need a named, dated wealth source and a transparent calculation based on current beneficial ownership, the family members or trusts included, relevant share classes, and the stock price on the valuation date. The IPO’s size and later selling-stockholder proceeds are not substitutes for that evidence.
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What Medline does—and what its results say
Medline describes itself as a provider of medical-surgical products and supply chain solutions serving points of care. The public company sits above Medline Holdings and its subsidiaries; it is not simply a manufacturer of one consumer product category.
For context on the business after the IPO, Medline reported fourth-quarter 2025 net income of $180 million, down 37.7% from $289 million in the fourth quarter of 2024. The company cited higher cost of goods sold, including tariffs, and higher operating costs, partly offset by higher net sales in its full-year 2025 results release.
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