Shareholders associated with private equity giants Blackstone Group, Hellman & Friedman, and Abu Dhabi Investment Authority have initiated a public offering of 60 million Class A common shares of medical supplies company Medline Inc.

Shareholders affiliated with major private equity firms Blackstone, Hellman & Friedman, and Carlyle Group, alongside Abu Dhabi Investment Authority (ADIA), have initiated a public secondary offering of 60 million Class A common shares of Medline Inc. The offering values the stake sale at approximately $3.1 billion to $3.4 billion, depending on final pricing. Medline Inc., the company itself, will not receive proceeds from this offering, as the shares are being sold by existing shareholders seeking partial liquidity.

The share allocation reflects the original acquisition syndicate's structure. Blackstone, Carlyle, and Hellman & Friedman each are offering 23.3 million shares, while ADIA is offering 5.1 million shares. The offering includes an underwriters' option to purchase an additional 11.25 million shares over a 30-day period, providing potential upside if demand warrants expansion. This greenshoe option is standard in institutional-grade secondary offerings and reflects confidence in market absorption capacity.

The transaction represents a significant partial exit for the PE consortium that acquired Medline Industries for approximately $34 billion. Following Medline's public listing on NASDAQ, this secondary offering provides the sponsors with meaningful liquidity while maintaining continued stakes in the medical supplies business. The underwritten structure and scale of the offering—totaling potentially 71.25 million shares including the greenshoe—indicate a professionally managed exit that prioritizes institutional investor participation and price stability during the selling process.