Medical supply chain giant Medline Industries may be in the early stages of going public at a $50 billion valuation, which would likely place it among the biggest IPOs of 2025.

The Northfield, Illinois-based company and its private equity owners are in talks with banks about a potential listing as soon as next spring, anonymous sources told Bloomberg.

Back in 2021, investment firms Blackstone, Carlyle, and Hellman & Friedman partnered together to fund a $34 billion majority investment in the company, making it one of the largest leveraged buyouts since the 2008 financial crisis.

Since then, Medline has announced many vendor partnerships and established facilities to enhance its supply chain efficiencies.

Last year it opened a 710,000-square-foot distribution center in Salt Lake City, Utah, as well as a $75 million LEED-certified facility in St. Peters, Missouri and opened a $72 million warehouse in Louisiana, the largest medical distribution center in the state, to process more than $200 million worth of orders annually.

In 2022 it began operations at its $125 million, 1.4 million-square-foot LEED-certified facility in Grayslake, Illinois, which is the largest medical-grade distribution center in the U.S.

People familiar with the IPO chatter said Medline's better-than-expected performance has encouraged the ownership group — which also includes Singaporean wealth fund GIC Pte — to bring forward potential listing plans, but Bloomberg reports that deliberations are ongoing and no decisions about the size or timing of any IPO have been made.

Medline has more than 35,000 employees worldwide working in over 125 countries and territories.

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