Advertisement
Lineage, the global leader in temperature-controlled warehouse real estate, had a successful Nasdaq debut on Thursday, with shares closing up more than 3%. The company went public under the ticker symbol “LINE,” marking the largest initial public offering (IPO) of 2024.
Lineage’s IPO was priced at $78 per share for 57 million shares, near the top of its initial $70 to $82 target range. The offering raised $4.4 billion and gave the company an implied valuation exceeding $18 billion. This makes it the largest IPO since chip designer Arm’s $4.8 billion listing last September and significantly larger than the $2 billion IPO of cruise operator Viking Holdings in May.
Ranked No. 46 on CNBC’s 2024 Disruptor 50 list, Lineage has grown significantly through an aggressive acquisition strategy. Co-founder and co-executive chairman Adam Forste highlighted the company’s expansion from a single warehouse to over 480 facilities worldwide through 116 acquisitions, including recent purchases like Grupo Fuentes and Burris Logistics. The acquisition of Burris alone added eight new facilities to Lineage’s network.
Lineage’s global network spans North America, Europe, and the Asia-Pacific region, encompassing roughly 2.9 billion cubic feet of cold-storage capacity. This extensive network aims to address the significant issue of food waste, which results in $600 billion worth of food being discarded annually and contributes to approximately 11% of global emissions.
The company’s IPO was led by major underwriters including Morgan Stanley, Goldman Sachs, Bank of America, J.P. Morgan, and Wells Fargo.