Private equity backers of Medline Inc. cashed out $3.1 billion in shares after securing a waiver from the standard six-month lockup period. Affiliates of Blackstone, Carlyle Group, Hellman & Friedman, and Abu Dhabi Investment Authority sold 75 million shares at $41 each, representing a rare liquidity event for the medical supplier's IPO backers.

The share sale came as Medline stock rallied 58% since its December IPO, closing at $45.85 before marketing began. The offering priced at an 11% discount to Monday's close, yet remained multiple times oversubscribed. Each major backer sold 23.3 million shares, with ADIA contributing 5.1 million shares to the offering.

Led by Goldman Sachs, Morgan Stanley, Bank of America, and JPMorgan Chase, the transaction marks 2025's largest IPO at $7.2 billion. The liquidity event provides welcome relief to private equity firms facing pressure to return capital, as distributions as a percentage of net asset value hit 14% last year—the second-lowest level since the 2008 financial crisis.