Monthly IPO Roundup: January 2026 — December 2025's Biggest Listings
December 2025 closed the year with its biggest deal: Medline's $7.2 billion healthcare IPO, the largest private equity-backed listing ever. Here is every major company that went public in December 2025 and what it means for brand and industry ownership.
The IPO that closed 2025 had nothing to do with artificial intelligence, electric vehicles, or consumer apps. It was a company that makes hospital gowns, exam gloves, and IV sets, and it raised $7.2 billion. Medline Industries priced on December 16, 2025, surged 41% on its first day, and ended the year as the single largest IPO of 2025 by proceeds, the largest healthcare IPO ever, and the largest private equity-backed listing in stock market history.
That was December. This is our January 2026 edition of the monthly IPO roundup, covering the companies that went public in the previous month. We track IPOs here because going public changes who owns and controls brands. Private equity firms exit, new institutional shareholders enter, and previously private companies gain the capital and scrutiny that comes with a public listing.
For the macro picture heading into 2026, dealmakers at the ICR Conference in Orlando told Reuters in January that both M&A and IPO volumes were set to increase, with retail and consumer brands named as top sectors to watch. See Monthly M&A Roundup: March 2026 for how that prediction played out.
The Headline Deal: Medline Industries Raises $7.2 Billion
Medline Industries (NASDAQ: MDL) priced on December 16, 2025, selling 216 million shares at $29.00 each, raising $6.26 billion at pricing before the full overallotment brought total proceeds to approximately $7.2 billion. On its first day of trading, the stock opened at $35 per share and closed at $41 — a 41% gain from the offer price.
Medline is a medical supply manufacturer and distributor covering over 300,000 products, including disposable exam gloves, surgical gowns, wound care products, IV solutions, physical therapy equipment, and more. Founded in 1910 and headquartered in Northfield, Illinois, the company operated as a private, family-run business for 110 years before a 2021 leveraged buyout valued it at $34 billion. This was then the largest private equity deal since the financial crisis.
The 2021 buyout consortium was Blackstone, Carlyle, and Hellman & Friedman. The December 2025 IPO marked the partial exit for those PE sponsors. They retained significant equity post-listing, but the public offering gave them a pricing benchmark and a path to further monetisation.
Why it matters for brand and industry ownership: Medline is not a consumer brand in the retail sense, but it is one of the largest healthcare brands in professional and institutional purchasing. Its IPO is significant because it confirms that institutional healthcare supply, a category often overlooked in favour of biotech and med-tech, can command massive public market interest when operating fundamentals are strong. The 41% first-day pop came despite the absence of AI or growth narrative. Medline grew revenue to approximately $23 billion in 2024 purely on distribution scale and private-label product breadth.
Other Notable December 2025 IPOs
StubHub (September 2025 — Context)
StubHub (NYSE: STUB) had priced earlier in September 2025 at $23.50 per share, raising $800 million at an $8.6 billion valuation. By December, the stock was trading as a reference point for how consumer marketplace brands perform post-IPO. StubHub operates the secondary ticketing marketplace where millions of consumers buy and sell tickets to concerts, sports events, and theatre. Its ownership, by founder Eric Baker and private equity, shifted at IPO.
Klarna (September 2025 — Post-IPO Context)
Swedish buy-now-pay-later firm Klarna had listed on the NYSE in September 2025, raising $1.37 billion. By December, its stock had declined to below the $40 IPO price. Klarna's trajectory through the end of 2025 was instructive. Strong institutional demand at pricing was followed by a deterioration driven by rising loan-loss provisions and a securities class-action lawsuit. For consumer finance brands, Klarna's 2025 IPO experience, fast derating despite scale, became a reference case heading into 2026.
The IPO Market Closes 2025 on a High Note
The year 2025 produced 347 IPOs on US exchanges, with total proceeds for the full year reaching approximately $47.4 billion. This is a recovery from 2024, which was itself a recovery from the 2022-2023 drought. Healthcare was the year's strongest sector by deal size, fueled by Medline. Consumer and financial services contributed in Q3 with Klarna and StubHub.
Per EY's IPO Market Trends report, the US IPO market in 2025 showed:
- Healthcare the largest sector by proceeds
- Consumer brands and financial services active in the second half
- SPAC formation accelerating into year-end
The backdrop for 2026 IPO expectations was optimistic at the close of December 2025. Dealmakers at January's ICR Conference in Orlando described the pipeline as deep, with retail, consumer, and technology companies most frequently mentioned as IPO candidates. That proved accurate — Q1 2026 went on to raise $9.4 billion across 22 traditional IPOs, the strongest first quarter since 2021.
What Medline's IPO Means for Consumers and the Healthcare Sector
Medline's $34 billion 2021 PE buyout attracted criticism that private equity ownership of critical hospital supply infrastructure could lead to cost-cutting that compromised product quality or availability. The IPO changes that dynamic in two ways.
First, public shareholders now have visibility into Medline's financials. Private equity ownership keeps these metrics confidential. Medline's S-1 filing disclosed revenue of approximately $23 billion in 2024 — making it one of the largest private companies in the United States by revenue.
Second, public market pressure creates incentives for margin management that PE ownership sometimes suppresses in favour of growth. Whether that proves better or worse for hospital procurement costs is an open question. Hospital systems that buy Medline products watch its ownership structure because terms and product availability can shift when ownership changes.
Deals to Watch Heading Into January 2026
Venture Global LNG. The US liquefied natural gas exporter was preparing its NYSE IPO for January 2026. Analysts expected a valuation above $50 billion, making it one of the largest energy listings in years. Update: Venture Global priced on January 24, 2026 at $25 per share, raising $1.75 billion, and the stock opened below the offer price, reflecting investor concerns about contract arbitration cases.
Aktis Oncology. The Boston-based radiopharmaceutical cancer company was preparing to price its IPO in early January 2026. Update: Aktis priced on January 8, raising $318 million at $18 per share, nearly double its initial target. It was the first biotech IPO of 2026.
AI and tech names. Multiple AI infrastructure companies were preparing for early 2026 listings. IPO analysts expected Cerebras, Discord, and Plaid to be among the most watched deals of the year.
December 2025 IPO Summary Table
| Company | Exchange | Sector | Offer Price | Proceeds | First-Day Return |
|---|---|---|---|---|---|
| Medline Industries (MDL) | NASDAQ | Healthcare / Medical Supply | $29.00 | ~$7.2B | +41% |
Additional December 2025 deals were primarily smaller biotech and SPAC issuances. Medline was the sole large-cap traditional IPO of the month. Source: Company press releases, Reuters, CNBC, SEC filings.
FAQ
What was the biggest IPO of December 2025?
Medline Industries raised $7.2 billion in its December 16, 2025 IPO — the largest IPO of 2025, the largest healthcare IPO ever, and the largest PE-backed IPO in market history. The stock rose 41% on its first day of trading.
Who backed Medline before its IPO?
Medline was taken private in 2021 by a consortium of Blackstone, Carlyle Group, and Hellman & Friedman in a $34 billion leveraged buyout. The December 2025 IPO provided a partial exit for those sponsors.
Was 2025 a good year for IPOs overall?
Yes. The US IPO market produced approximately 347 traditional and SPAC listings in 2025, with total proceeds around $47.4 billion. That is a clear recovery from 2023-2024, which saw historically low issuance. Healthcare, consumer marketplaces (StubHub), and fintech (Klarna) were the headline deals.
Related Reading
- Monthly IPO Roundup: February 2026
- Monthly IPO Roundup: March 2026
- Monthly M&A Roundup: March 2026
- Biggest Brand Deals of Q1 2026
Sources
1. Reuters: Medline Soars 41% in Nasdaq Debut — https://www.reuters.com/business/healthcare-pharmaceuticals/medline-set-hotly-anticipated-debut-after-2025s-biggest-ipo-2025-12-17/ 2. CNBC: Medline Debuts Nasdaq, Biggest IPO of 2025 — https://www.cnbc.com/2025/12/17/medline-debuts-nasdaq-biggest-ipo-2025.html 3. Medline Press Release: Pricing of Upsized IPO — https://newsroom.medline.com/releases/medline-announces-pricing-upsized-ipo/ 4. EY: US IPO Market Trends — https://www.ey.com/en_us/insights/ipo/ipo-market-trends 5. Reuters: ICR Conference Dealmakers See More Retail Mergers and IPOs — https://www.reuters.com/sustainability/sustainable-finance-reporting/dealmakers-see-more-retail-mergers-ipos-2026-after-tariffs-sidelined-ma-last-2026-01-16/ 6. CNBC: StubHub IPO Priced at $23.50 — https://www.cnbc.com/2025/09/16/stubhub-ipo-price-23point50-valuing-company-8point6-billion.html
All brand ownership and IPO data verified through WhoBrands.com research methodology. Last updated: January 1, 2026.
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