Medline Industries Inc (NASDAQ:MDLN) shares fell 4.4% to $43.84 in premarket trading Tuesday after several major shareholders unveiled plans to sell a large block of stock in a secondary offering.
The medical supply maker said 75 million shares will be offered by existing investors, including Blackstone Inc (NYSE:BX), Carlyle Group Inc (NASDAQ:CG), Hellman & Friedman, and the Abu Dhabi Investment Authority.
Blackstone, Carlyle and Hellman & Friedman are each selling approximately 23.3 million shares, while the Abu Dhabi Investment Authority plans to divest about 5.1 million shares.
Goldman Sachs, Morgan Stanley, BofA Securities and J.P. Morgan are acting as global coordinators and joint bookrunning managers for the transaction.
According to the prospectus, Medline has roughly 1.31 billion shares outstanding. The Northfield, Illinois-based company debuted on the New York Stock Exchange in December in what marked the largest U.S. initial public offering of 2025.
The secondary sale represents a partial exit for the private equity backers following the company’s high-profile return to public markets.