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H/Advisors Abernathy represents Medline Industries as it raised $6.3B on December 16 via the biggest IPO for 2025.
The IPO topped the $5.3B raised by Chinese battery maker CATL, according to the Financial Times. Medline’s stock sale is one of the largest private-equity IPOs of all time.
Based in Northfield, IL, the company manufactures and distributes surgical and other medical products to hospitals. It has 43K employees in more than 100 countries.
Medline posted $20.6B in nine-month revenues and earned $977M.
The IPO was supposed to take place earlier this year but was put on hold to gauge the impact of Trump's tariffs on Medline’s foreign suppliers.
H/Advisors Abernathy has managing directors Dan Scorpio, who heads M&A and activism; and Sheila Ennis advising Medline.
Havas owns H/Advisors Abernathy.
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