Medline Inc's stock plummeted 7.16% in intraday trading on Thursday, following a 41% surge on its Nasdaq debut the previous day. The medical-surgical products supplier had opened at $35, well above its IPO price of $29, and closed at $41, marking one of the strongest IPO performances of the year.
The decline is attributed to profit-taking by investors after the stock's significant initial rally. Market analysts note such pullbacks are common after a high-profile IPO, as early investors cash in on gains. Medline's IPO raised $6.26 billion, making it the largest U.S. listing since Rivian in 2021.